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FTV Capital Raises Record Growth Equity Fund at $2.3 Billion
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
FTV Capital has successfully closed FTV VII, its largest fund to date, with commitments of $2.3 billion. This oversubscribed fund will enable FTV to invest in high-growth companies, particularly within enterprise technology and financial services. So far, FTV has raised $6.2 billion across its funds, with over $4 billion invested in 130 companies. Notable portfolio companies include Enfusion (NYSE: ENFN) and Globant (NYSE: GLOB). The firm aims to continue driving growth for its portfolio through strategic investments.
Positive
Successful closure of FTV VII with $2.3 billion in capital commitments.
FTV has achieved record liquidity events generating $3.2 billion in value.
Portfolio companies experienced over 80% year-over-year revenue growth rate.
FTV has raised a total of $6.2 billion and invested over $4 billion in 130 companies.
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Oversubscribed seventh fund nearly doubles previous fund as firm drives exceptional results via thematic investing approach
NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--
FTV Capital, a prominent growth equity investment firm, today announced the close of FTV VII, its seventh and largest fund, oversubscribed at its hard cap of $2.3 billion in capital commitments. The firm will continue its successful 24-year track record of investing in innovative, high-growth companies across the enterprise technology, financial services and payments landscapes. This new fund provides FTV flexibility to make control and significant minority equity investments, often as the first institutional investor, generally ranging from $30 to $200 million that align with the objectives of company management teams to accelerate growth and expansion. With the close of FTV VII, FTV has raised $6.2 billion, invested over $4 billion in 130 portfolio companies and realized over $6 billion since the firm was founded in 1998.
FTV VII comes on the heels of a sustained period of momentum and success for the firm. Since activating its sixth fund at the beginning of 2020, FTV has achieved record liquidity events generating $3.2 billion in value. Noteworthy realizations include A-LIGN, Enfusion (NYSE: ENFN), Strata Fund Solutions, True Potential and VPay. Portfolio companies in FTV’s current funds continue to exhibit extremely strong performance with over 80 percent average year-over-year revenue growth rate as of the third quarter in 2021.
Since 2020, the firm has also deployed a record amount of capital, investing $1.5 billion across 18 new portfolio companies, all of which were proactively sourced by FTV, as well as 15 follow-on investments. With recent investments in companies such as Embroker, Gale Healthcare Solutions, Lean Solutions Group, LoanPro, Paddle, Plate IQ and Sysnet, FTV continues to be at the forefront of identifying high-growth companies offering proven solutions across major themes such as the digitization and consumerization of financial services, the integration of payments into vertical software, the globalization of e-commerce, the rapidly evolving demands for next-generation security and risk management, and improving healthcare through technology.
“Over the last 24 years, we’ve had the extraordinary privilege of partnering with well over a hundred founders to achieve their strategic objectives. Our results validate our consistent and time-tested approach: build relationships rooted in trust and collaboration, and support entrepreneurs at every step by leveraging our deep sector expertise, distinctive network and proven value creation platform to help fuel their success,” said Brad Bernstein, managing partner at FTV Capital. “This record fundraise is a testament to the exceptional caliber of talent on our team and their unrelenting dedication to driving superior results. Our team will continue to execute a highly-disciplined strategy and remain laser focused on identifying critical trends in the innovation economy as a means to proactively source and back the most compelling companies that are reshaping industries.”
"FTV has repeatedly proven to be an outstanding partner in helping management teams accelerate growth and prosper long term,” said Andy Roberts, retired CEO of two highly successful exited FTV portfolio companies, FleetOne and VPay. “The team’s unique industry insights, company-building experience and impressive Global Partner Network helped us navigate our market and access important commercial contacts. Moreover, they consistently show up – FTV’s custom approach to offering practical guidance and constructive support has been instrumental to me personally and helped contribute to great outcomes for FleetOne and VPay.”
FTV has always been committed to supporting management teams through engagement and leadership on company boards and by proactively leveraging its expansive Global Partner Network®, comprised of over 500 executives from the world’s leading financial services institutions, to exchange market insights and drive targeted commercial outcomes. Furthermore, FTV PropelSM, the firm’s dedicated team of operational specialists spanning talent, business development, sales, go-to-market, marketing and technology, is solely focused on delivering strategic value and operational guidance to FTV portfolio companies to catalyze their growth. FTV has received numerous industry awards in recognition of the firm’s leadership and achievements, including being named a Top 25 Growth Equity Investor by GrowthCap and a Founder-Friendly Investor by Inc.
The fund saw substantial renewed and increased commitments from existing investors, with nearly 100 percent of limited partners in its previous fund committing to FTV VII, as well as commitments from new limited partners. These investors are diversified by size, type and geography across North America, Europe, Asia-Pacific and the Middle East.
“We are grateful for the unwavering support of our existing investors, most of whom have been with FTV for multiple funds, and we are equally delighted to welcome a number of new investors,” said Karen Derr Gilbert, partner and head of fundraising at FTV Capital. “We are excited to continue investing in our team and platform, empowering our people and portfolio companies with valuable resources to fuel their success, all with our steadfast goal of generating compelling returns for our investors and ultimately being the best capital partner to entrepreneurs.”
Kirkland & Ellis LLP served as fund counsel.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 130 portfolio companies, including Derivative Path, Docupace, EBANX, LoanPro, Luma Health, ReliaQuest, Sysnet and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), MedSynergies (acquired by Optum), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.
