Sector-focused growth equity investment firm, FTV Capital, has completed its latest growth equity fundraise with $4.05bn in capital commitments across two complementary funds – its eighth flagship fund, FTV VIII, and a new vehicle dedicated to smaller investments, FTV Ascend I.
According to a recent press release, FTV VIII closed oversubscribed at $3.4bn, surpassing its target and closing well-above FTV VII, its predecessor fund, which closed at $2.35bn in March 2022. Ascend I closed oversubscribed at $651m, also surpassing its target.
Both funds will make control and minority equity investments in companies across the enterprise and financial technology landscape. FTV VIII will target investments ranging from $60m to $300m, partnering with management teams to accelerate growth and expansion, and Ascend I will take the same approach with cheque sizes ranging from $20m to $60m.
FTV also announced the expansion of its leadership team with several promotions, including:
Karen Derr Gilbert, who joined FTV in 1999 and became partner in 2013, will assume an expanded leadership role as Partner and COO.
Mike Cichowski, who joined the firm in 2023 as a Partner, was named Co-Head of FTV Ascend. Cichowski leads investments in financial technology and services.
Alex Malvone was promoted to Partner and Co-Head of FTV Ascend, alongside Cichowski. Malvone has been with FTV since 2013 and leads investments in enterprise technology and services with involvement in notable investments including EBANX, LogicSource, Paddle and RapidRatings.
Brent Fierro was promoted to Partner. Fierro has been with FTV since 2013 and leads investments in financial technology and services with involvement in notable investments including Enfusion, Lean Solutions Group, Masttro and Zema Global.
Paul Cabral, CFO, was promoted to Partner. Since joining FTV in 2023, Cabral has been involved in the firm’s financial operations and investor reporting.
With this fundraise, FTV has raised over $10.2bn, invested over $6.7bn in 149 portfolio companies and realised over $7.4bn since the firm was founded in 1998. In 2024, the firm deployed $1.6bn and generated over $1bn in realisations.
Kirkland & Ellis LLP served as fund counsel.
