Luminate Closes Fund I
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Luminate Closes Fund I

Luminate Capital Partners has held a final close on its debut fund, Luminate Capital Partners, LP, at an oversubscribed and above target $265 million.

Luminate makes control investments in companies operating in the software and software-enabled services sectors. Specific areas of interest include vertical applications, SaaS, back office and supply chain, marketing automation, e-commerce, data and analytics, and software-enabled services.  The firm was founded by former Silver Lake Managing Director Hollie Haynes and is headquartered in San Francisco (www.luminatecapital.com).

The new fund has made two investments to date: Oversight Systems is a provider of SaaS solutions that automate spending program compliance in order to reduce operating expenses by identifying inappropriate spending patterns and uncovers misuse, fraud and compliance violations within travel and expense, purchase card and accounts payable programs. The investment in Oversight Systems – based in Atlanta – was completed in July 2016 (oversightsystems.com); and Financial Information Technologies (Fintech) is a provider of payment solutions used by the alcohol beverage industry to ensure that invoices are paid on time and in compliance within a highly regulated environment. The only electronic funds transfer (EFT) provider that is compliant and available for use in all fifty states, Fintech services 430,000 relationships and works with 2,800 distributors, representing $24 billion in payments annually. The investment in Fintech – based in Tampa – was completed in January 2017 (fintech.net).

Prior to raising the new fund, in April 2015 Luminate made an investment in Professional Datasolutions, a Temple, TX-based provider of enterprise resource planning (ERP) software and services used in the convenience retail and petroleum wholesale marketer industries (www.profdata.com). In May 2016, TA Associates invested in Professional Datasolutions and Luminate exited its investment.

The new fund’s limited partners include pension plans, endowments, fund of funds and family offices. Moelis & Company acted as the placement agent for certain of the limited partnership interests in the new fund and Kirkland & Ellis provided legal counsel.

© 2017 Private Equity Professional | June 15, 2017

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