Serent Capital Closes $572 Million Private Equity Fund
San Francisco, CA – October 20, 2017 — Serent Capital, a San Francisco-based private equity firm focused on investing in fast-growing, founder-owned software and services businesses, announced the close of Serent Capital III, a $572 million fund. Since inception in 2008 Serent Capital has raised over $1 billion in capital.
The raise was largely completed from existing investors in Serent, with only a handful of new limited partners, and exceeded the firm’s target of $475 million. The new fund will be a continuation of Serent’s strategy of partnering with the management teams of leading software and services businesses and supporting those teams through key value creation initiatives that are geared toward accelerating growth.
“Along with my Partners Lance (Fenton) and Kevin (Frick), we are very excited and thankful for the overwhelming support from our new and existing limited partners during this fundraising process” said David Kennedy. “Almost 10 years ago, we set out on a mission to build an operationally focused private equity firm that was unique to the lower-middle market. Since then, we have been fortunate to partner with great management teams to deliver terrific returns for our investors. The interest and demand we received for SCIII was only further validation of our strategy and we are looking forward to the road ahead with Fund III.”
The closing of the third fund comes during a period of significant activity for Serent Capital. Over the last 12 months, Serent has made 5 add-on acquisitions, 3 new platform investments, and had 1 exit. The Firm also added 7 new hires, bringing the team to nearly 40 people.
New platform investments include:
Portfolio M&A Activity:
Past performance is not indicative of future results. There can be no guarantee that any investment strategy employed by Serent will be successful. An investment in the Funds managed by Serent is speculative, illiquid, and involves a high degree of risk, including possible loss of principal.
The portfolio companies highlighted do not necessarily represent all of the investments made or recommended by Serent, and it should not be assumed that the specific investments identified and discussed herein were or will be profitable. It should be specifically noted that not all transactions entered into by Serent will be profitable or will equal the performance of the companies described herein. No guarantee of investment performance is being provided and no inference to the contrary should be made.