SQ Capital, the investment firm launched by former Blackstone executive Mustafa Siddiqui, is backing K1 Investment Management’s single-asset continuation fund, designed to extend the duration of its investment into enterprise software provider TeamDynamix, according to a report by Bloomberg.
The deal allows existing investors to realise liquidity while enabling K1 to retain exposure to the company’s growth. The vehicle has raised about $160m so far. The transaction marks SQ Capital’s first disclosed investment since its formation earlier this year. The firm’s first fund is reportedly expected to raise as much as $1bn.
TeamDynamix provides IT service management and project portfolio software for enterprise and education clients, and has been a portfolio company of K1 since 2017.
