True Wind Capital, a San Francisco-based private equity firm focused on investing in technology companies, has closed its its second fund, True Wind Capital II, with USD817 million in equity commitments, exceeding the Fund’s target.
True Wind was launched in 2015 by Adam Clammer and James H Greene, Jr, who previously founded and led KKR’s Global Technology Group. Fund II will continue True Wind’s strategy of partnering with strong management teams and investing in leading technology companies across niche sectors within large and growing markets, including software, data analytics, tech-enabled services, internet, financial technology, and hardware.
True Wind received significant support from existing Limited Partners from Fund I and added many new, notable LPs. The Company’s Fund II LP base consists of leading pension funds, asset managers, foundations, endowments, family offices, and technology industry leaders across North America, Europe, and Asia.
Clammer says: “We are grateful for the continued confidence and strong support we received for Fund II from a diverse group of new and existing high caliber investors. True Wind continues to distinguish itself as a leading technology-focused investor by bringing large cap experience to the lower middle market and positioning our portfolio companies for enduring success.”
Notable investments already in Fund II include the acquisition of AIA Contract Documents, a premier provider of gold-standard, customizable contracts for the architecture, engineering and construction industries that enhance legal workflow, and Rover Group (NASDAQ: ROVR), a leading marketplace for pet services in the US.
Greene adds: “True Wind continues to leverage our seasoned team’s operational capabilities and proven ability to source attractive investment opportunities. We look forward to continuing to provide our portfolio companies and their management teams with the investment capital and long-term strategic and operational support they need to scale and continue innovating.”
True Wind’s first fund raised USD558 million in 2017. Notable Fund I investments include Open Lending (NASDAQ: LPRO), Sysnet Global Solutions, Zix (NASDAQ: ZIXI), Transflo, and LeadVenture.
