San Francisco’s private equity house Luminate Capital Partners closed its third fund on a $1bn hard cap, beating its target of $700m. The vehicle largely surpassed its predecessor Fund II, which closed on $425m in 2018, by 1.22x.
The oversubscribed fund brought the firm’s total asset under management to $1.7bn. It currently runs a portfolio of 13 software companies.
Founder and managing partner Hollie Haynes said, “I am particularly proud that we were able to exceed our fundraising target in a relatively short period of time, especially given the uncertainty caused by the pandemic. We thank our limited partners for this vote of confidence.
“As we have built Luminate over the past six years, we have focused solely on growth-oriented market leaders in enterprise software. We work with management teams to build scale and extend market leadership.
“We are excited to continue to execute on this strategy and are fortunate to have a strong and dynamic team of investment professionals and operating advisors who are integral to our success.
Moelis & Company was the placement agent for the fund.
The firm exited spend management tech business Oversight to TCV last year and had started this year with the divestment of AMTdirect in January after revenue doubled.
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Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/luminate-capital-partners-closed-1bn-fund-iii-scoring-1-22x-increase-from-fund-ii.html
