Silversmith Closes on $670 Million

After just three months in the market, Silversmith Capital Partners has held a first and final closing of its second fund, Silversmith Capital Partners II LP (Fund II) at its target and hard cap of $670 million. The fund was significantly oversubscribed.

Limited partners in the new fund include investors from Fund I – endowments, foundations, fund of funds, and pension funds – and also includes a small number of new investors. In addition, more than 25 CEOs, founders, and industry executives invested in Fund II.

Silversmith was founded in 2015 by Todd MacLean and Jeff Crisan, former managing directors with Bain Capital Ventures; Jim Quagliaroli, former managing director of Spectrum Equity; and Lori Whelan, a former Bain & Company consultant. Today, the firm has 13 investment professionals and is based in Boston (www.silversmithcapital.com).

Silversmith closed its first fund in August 2015 with $460 million of capital commitments. Consistent with the strategy of its first fund, Fund II will invest from $15 million to $75 million per company with a focus on two core industry verticals: software-as-a-service & information services; and healthcare information technology & services.

“We are grateful for the continued support of our existing limited partners and are excited to add a select group of endowments and foundations,” said Jim Quagliaroli, Managing Partner of Silversmith. “We look forward to continuing our long track record of supporting founder-led growth businesses across our core areas of expertise.”

Monument Group (www.monumentgroup.com) was the placement agent for this fundraise and Proskauer Rose (www.proskauer.com) provided legal services.

© 2018 Private Equity Professional | January 31, 2018

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