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Kentik raises $23.5M for its network intelligence platform

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Kentik, the company once known as CloudHelix, today announced that it has raised a $23.5 million growth funding round led by Vistara Capital Partners, with existing investors August Capital, Third Point Ventures, DCVC, and Tahoma Ventures also participating. With this round, Kentik has now raised a total of $61.7 million.

The company’s platform allows enterprises to monitor their networks, no matter whether that’s over the Internet, inside their own data centers or in public clouds.

“The world has become even more internet-centric, and we are seeing growth in traffic levels, product engagement, and revenue across both our enterprise and service provider customers,” said Avi Freedman, the co-founder and CEO of Kentik when I asked him why he was raising a round now. “We’ve seen an increased pace of adoption of the kind of hybrid and internet-centric architectures that Kentik is built for and thought it was a great time to increase investment, especially in product, as well as go-to-market and partner expansion to support market demand.”

Freedman says the company has been growing 100% compounded year-over-year since it launched in 2015 and now has customers in 25 countries. These include leading enterprises, SaaS companies, content providers, gaming companies, content providers, and cloud and communication service providers, he tells me. Current customers include the likes of IBM, Zoom, Dropbox, eBay, Cisco and GoDaddy.

The company says it will use the new funding to invest in its product and for go-to-market investments.

One notable fact about this new round is that it is a combination of equity and growth debt. Why growth debt? “Growth debt is an attractive option for startups with the right scale and strong unit economics, especially with the changes to capital markets in response to current economic conditions,” said Freedman. “Another element that makes long-term debt attractive is that unlike equity financing, long-term debt limits dilution for everyone, but especially benefits our employees who hold common stock.” That, it’s worth noting, is also something that lead investor Vistara Capital has made one of the core tenants of its investment philosophy. “Since Kentik is now at a scale where we have enough data on the business fundamentals to be able to make growth investments using debt while still being able to repay it over time, it made sense to us and our investors,” noted Freedman.

Source: https://techcrunch.com/2020/05/27/kentik-raises-23-5m-for-its-network-intelligence-platform/

Private Equity

Sole Source Capital brings in new investor relations head after making final Fund I investment

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Industrial-focused private equity house Sole Source Capital has hired former Crescent Capital senior exec Sumil Menon as its new head of investor relations.

Sole Source closed its debut private equity fund on its $160m hard cap in December 2018, and completed its last investment from the vehicle in May this year by picking up Supply Chain Services.

Menon spent nearly a decade at Crescent, most recently as senior vice president for business development.

During his time at the firm he helped it more than than tripling its assets under management, which by 2020 totaled nearly $30bn.

Menon was previously an associate on the business development and institutional relationship management team at Wilshire Associates, and began his career at Pacific Investment Management Company.

Sole Source was founded by former Gores Group senior exec David Fredston two years ago, to focus on lower mid-market investmetns in manufacturing, distribution, and industrial service companies.

Fredston said, “We are pleased to welcome a talented investor relations professional of Sumil’s caliber to the Sole Source team.

“With deep institutional relationships around the world and significant experience managing numerous capital raises, Sumil will play a key role in fostering investor engagement and articulating our differentiated strategy.”

Sole Source targets North American companies with between $5m and $20m of EBITDA, and focuses on management buyouts, corporate divestitures, and founder/family owned businesses in defensive end-markets.

Copyright © 2020 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/sole-source-capital-brings-in-new-investor-relations-head-after-making-final-fund-i-investment.html

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Bright Network highlights need to help ‘Corona Class’ of graduates amid investment from Maven Capital, Seneca Partners

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UK private equity house Maven Capital Partners has led a further investment in Bright Network, a media technology recrui

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/bright-network-highlights-need-to-help-corona-class-of-graduates-amid-investment-from-maven-capital-seneca-partners.html

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Hamilton Lane holds final close for its new Impact Fund

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Hamilton Lane, a  private markets asset management firm, has held the final close of its new Impact Fund, pulling in over $95m.

The exact figure for the fund was not disclosed.

Hamilton Lane Impact Fund will have a dual focus and will target attractive investment returns and positive social and environmental impact.

It will back companies around the world either through direct or secondary investments. Target sectors include health and wellness, energy and environment, community development, and financial empowerment.

By leveraging its network of GP relationships, the Impact Fund will make buyout, growth, venture and real assets investments, it claims.

The vehicle will primarily invest into developed markets, with the opportunity to impact emerging markets.

Limited partners for the fund include large private pension funds, financial institutions, high-net-worth individuals, endowments and other institutions.

Hamilton Lane managing director and head of product management Jackie Rantanen said, “As impact investing continues to gain attention and traction from all investor types, the private markets industry has responded in kind, helping address some of the world’s most pressing environmental and social challenges, while seeking to generate meaningful returns.”

Earlier in the year, Hamilton Lane raised over $1.7bn for its fourth flagship secondaries fund.

Copyright © 2020 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/hamilton-lane-holds-final-close-for-its-new-impact-fund.html

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