Diversis Capital, a lower mid-market software and technology-focused private equity firm, has closed its third fund at $1.2bn, exceeding the initial $850m target and nearly doubling the size of its 2021 Fund II, which raised $680m, according to a report by Buyouts Insider.
Diversis, co-founded in 2013 by Kevin Ma and Ron Nayot in Los Angeles, began with a deal-by-deal approach before raising Fund I in 2019 at $255m. Fund III will target nine to ten platform companies, with four add-ons per platform, up from previous funds’ seven platforms and two to three add-ons. Equity checks range from $10m to $150m.
The firm plans to focus primarily on North America, followed by Europe and Australia, leveraging its technology expertise and capital to support AI-driven growth in small-cap software companies.
