San Francisco-based private equity firm True Wind Capital this week announced the successful close of its second fund, True Wind Capital II. At $817 million in equity commitments, the fund’s targets were exceeded.
True Wind Capital 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 also focus on True Wind’s priorities of seeking companies with strong management teams which are working in niche sectors within software, data analytics, tech-enabled services, internet, financial technology, and hardware.
The firm received significant support from limited partners who were involved with the first fund while also and added new, but undisclosed partners. True Wind said Fund II’s limited partner base consists of pension funds, asset managers, foundations, endowments, family offices, and technology industry participants from across North America, Europe, and Asia.
“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,” founding partner Adam Clammer said. “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 provider of customizable contracts for the architecture, engineering and construction industries, and pet services marketplace Rover Group.
“True Wind continues to leverage our seasoned team’s operational capabilities and proven ability to source attractive investment opportunities,” Greene said. “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 Capital’s first fund raised $558 million in 2017. Its investments include Open Lending (NASDAQ: LPRO), Sysnet Global Solutions, Zix (NASDAQ: ZIXI), Transflo, and LeadVenture.