Specialist technology sector investment house Potentia Capital has raised $635 million for its second fund, promising a whole new vintage of growth capital and PE-style investments.
Specialist technology sector investment house Potentia Capital has raised $635 million for its second fund, promising a new vintage of growth capital and PE-style investments.
It is understood the firm, run by ex-MYOB boss Tim Reed and former Archer Capital dealmaker Andrew Gray, hit a first and final close for Potentia Capital Fund II at $635 million this week, having set out to raise $500 million.Alex Ellinghausen The raising was said to be backed by new and existing institutional investors, who tipped Potentia to make the most of choppy markets and repeat early successes it had with the likes of payroll sofware group Ascender and compliance software group ComliSpace .
Potentia’s expected to target the same sorts of investments for Fund II. It typically chases Australian-headquartered, middle-market technology plays that are already up and running and have identified areas for strong growth. The firm’s promised to target New Zealand-based companies for Fund II, and said it would have a dealmaker in Singapore to chase Asia-based bolt-on deals. The raising took its total assets under management to more than $1 billion.