Sunstone Partners has closed its first fund, Sunstone Partners I, LP, with $300 million of total commitments. The new fund had a target of $200 million, was oversubscribed, and closed at its hard cap.
Sunstone Partners was formed by a spin-out of the growth equity team of Trident Capital and the firm was initially known as TC
Growth Partners. The co-founders of Sunstone – Gustavo Alberelli, Michael Biggee, Arneek Multani, and John Moragne – have over 60 years of cumulative investment experience, largely through their time at Trident, and have together led 46 individual investments.
Limited partners in Fund I include the usual mix of university endowments, corporate pension plans, foundations, insurance companies, investment advisors, state and government retirement systems and family offices. Sunstone did not use a placement agent to assist with fundraising.
Sunstone Partners makes growth equity investments and majority recapitalizations and buyouts of technology-enabled services businesses. Typical targets will have annual revenues of at least $10 million and will be operating at a breakeven or profitable level. Sectors of interest include healthcare IT; Internet and marketing services; cloud and enterprise IT; and cybersecurity. Equity investments range from $15 million to $75 million. Sunstone is headquartered in Palo Alto (www.sunstonepartners.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-29-16
