Sunstone Partners has held the final close for its sophomore fund after hitting its $475m hardcap.
The oversubscribed vehicle, Sunstone Partners II, will typically make investments between $25m and $75m, into companies with a minimum revenue or $10m. The firm focuses on four sectors, cybersecurity, cloud technology, healthcare IT, and marketing services.
Prior to this vehicle, the firm closed its maiden fund on $300m back in 2016. Sunstone was also able to break the initial target of its first fund, which had been looking to raise just $200m.
Its portfolio already has a number of cybersecurity companies, including Avertium, which offers managed cybersecurity services helping to protect clients from online threats as well as meet compliance with regulations such as PCI and HIPAA.
The firm has also exited a several cybersecurity companies. These include: data-centric security software solution builder Voltage Security, commercial and open source services developer for cyberattack management Alien Vault, and DNS security company BlueCat.
Sunstone Partners, managing director Mike Biggee said, “Fund II will focus on growth equity and growth buyout investments in technology companies that we believe are poised for rapid growth and market share gains. Our sector-focused approach, extensive track record and collaborative portfolio operations model, position Sunstone to be the partner of choice to founders looking to scale their companies.”
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