Francisco Partners Announces Closing of Nearly $10 Billion in Capital Commitments
Francisco Partners (FP) today announced the closing of approximately $10 billion in capital commitments across three funds: Francisco Partners VI, L.P., a $7.45 billion equity fund, Francisco Partners Agility II, L.P., a $1.5 billion equity fund, and FP Credit Partners, L.P., a $750 million opportunistic credit fund. Each fund was substantially oversubscribed and exceeded target fund size. In its 20-year history, FP has invested in or acquired more than 275 technology companies, making it one of the most active and long-standing investors in the technology industry.
"FP was built on the belief that through deep domain expertise, the firm can be the partner of choice for management teams to help build great companies with enduring value," said Dipanjan "DJ" Deb, co-founder & CEO of Francisco Partners. "Through our three pools of capital, our team has the flexibility to pursue opportunities across the globe and help management teams and portfolio companies execute operational and strategic transformation."
With offices in San Francisco, London and New York, FP is organized across dedicated teams focused on specific end markets including application software, communications, financial technology, healthcare IT, infrastructure software, internet, security and semiconductors. This approach enables the firm to invest in companies where its knowledge, network and experience can help differentiate it as a partner. FP's current and past investments include such companies as BeyondTrust, ClickSoftware (News - Alert), GoodRx, Ichor Systems, iconectiv, LegalZoom, Quest and Verifone.
"The $3 trillionIT market continues to outgrow GDP, and it is no longer only a vertical market. Technology is now pervasive across all sectors of the economy, impacting every aspect of our lives," said Deb. "We are very grateful to our limited partners, who have supported us during a global pandemic, and to our management teams, who continue to work tirelessly to help create value for shareholders."
FP closed both private equity funds in six months with more than 130 institutional investors from over 20 countries around the world. FP's limited partners include public and corporate pension funds, foundations, endowments, insurance companies, sovereign wealth funds and family offices. FP had strong support from its existing investors as well as many new prominent investors from Asia, Europe, the Middle East, South America, Africa and the United States.
"We are grateful to our longtime limited partners as well as our new partners who have entrusted FP with their capital," said Andrew Brown, partner & head of marketing and investor relations. "We believe investors appreciated the consistency of our strategy and team as well as our history of helping companies grow and improve operations to create value."
FP's investment approach includes partnering with founders, divisional carveouts, take-private transactions and providing strategic capital for M&A. FP's equity funds intend to invest in companies with enterprise values ranging from $50 million to over $5 billion. FP's newly formed opportunistic credit effort focuses primarily on private opportunities, seeking to leverage FP's network and deep understanding of the technology landscape to be a capital lender of choice.
Kirkland & Ellis LLP served as legal adviser on FP VI and Agility II, while Simpson Thacher & Bartlett LLP served as legal adviser on FP Credit.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised more than $24 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and long-standing investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit franciscopartners.com.