Serent Capital has held a first and final closing of institutional commitments for its second fund, Serent Capital II, L.P. Within weeks of launching the fundraising process, the fund became significantly oversubscribed, exceeding its original target of $300 million to reach its $350 million cap.
Since its founding in 2008, Serent Capital has been focused on partnering with entrepreneurs and management teams to build great businesses. “We started Serent with a passion for working with growth businesses, and that passion burns as bright today. We hold a tremendous amount of respect for entrepreneurs, who are the lifeblood of the economy and who find success in the face of daunting odds. We consider ourselves lucky to have the opportunity to work with those bootstrapped companies, and bring our business building experiences to help them sustain and accelerate their growth,” said Kevin Frick, co-founder of Serent Capital.
“The strong interest in the fund is a wonderful endorsement of our work as business builders and our strategy of deep operational involvement,” said David Kennedy, co-founder. “We are humbled that so many of our current investors increased their commitment in Fund II, and we are delighted to welcome in a few new select investors with whom we are looking forward to being partners.”
Serent Capital now has over $600 million in capital under management from a mix of endowments, pension funds, fund-of-funds, and family offices. The firm invests from $10 million to $100 million in service businesses with revenues from $10 million to $100 million and EBITDAs from $3 million to $10 million. Transaction types include buyouts, recapitalizations and growth capital. Serent Capital is based in San Francisco (www.serentcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-31-13
