Silver Lake spinout Sumeru sets sights on $600m for second independent fundraise

Silver Lake spinout Sumeru Equity Partners has launched its second fundraise eyeing $600m since becoming independent of the tech investment major.

Current investments for the firm include treasury and risk management software provider Kyriba, expense management software business MDSL and software asset management and cloud spend management platform Snow.

The firm, which invests across segments including fintech, data and analytics, enterprise software and cloud services, took to the market eyeing a similar amount shortly after its 2014 spin out from Silver Lake.

That vehicle had collected more than $360m of commitments by April 2016, although the firm has not publicly revealed on how much it eventually closed the vehicle.

Signs are good that the fundraise and subsequent performance have been promising, however, with the firm sticking to that goal figure for the new fund, dubbed Sumeru Equity Partners Fund III.

Prior to launching SEP, the firm’s senior team worked together managing Silver Lake Sumeru, a $1.1bn mid-market tech-focused private equity fund launched in 2007.

SEP now looks to make control or minority investments of between $25m and $200m in businesses working across software, tech-enabled services and hardware systems.

They include growth investments, buyouts, recapitalisations, take-private deals, carve-outs and divestitures.

Copyright © 2018 FinTech Global

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