Tritium Hits Hard Cap on Fund II

Tritium Partners has held a final closing of Tritium II LP with $465 million of committed capital. Tritium’s first fund closed in November 2015 with $309 million of committed capital.

Fund II was oversubscribed and was supported by both existing investors, who in aggregate increased their commitment level in this fund, and several new institutional investors.  The new fund, which launched with an initial target of $375 million, was raised in eight months and closed at its hard cap.

Fund II investors include retirement systems, private pension plans, university endowments, foundations, financial institutions and insurance companies.

Tritium Partners specializes in buyouts of growth companies in the lower middle market.  Typical target companies will have EBITDAs from $2 million to $15 million. Sectors of interest include Internet and information services, supply chain and logistics, and financial and business services. Tritium was founded in 2013 and is based in Austin (www.tritiumpartners.com).

“We are extremely excited to have the strong support of our current base of investors and proud of adding a terrific group of new investors,” said Phil Siegel, managing partner and co-founder of Tritium.  “They share our belief that there continue to be compelling opportunities for growth-focused investing in the lower middle market.”

To date, Tritium’s first fund has been invested in ten portfolio companies as follows:

  • DCS Global, a Plano, TX-based provider of revenue cycle management software (June 2018);
  • RateGenius, an Austin, TX-based provider of auto refinance data and information (March 2018);
  • RV Share, an Akron, OH-based operator of a peer-to-peer RV rental marketplace (February 2018);
  • Inova Payroll, a Nashville, TN-based provider of payroll and human resources services (November 2017);
  • Vacation Innovations, an Orlando, FL-based provider of secondary-market services for vacation timeshares (November 2017);
  • PayCommerce, an Edison, NJ-based provider of cross-border payment services (October 2016);
  • Giact, an Allen, TX-based provider of verification, authentication, and confirmation services for electronic payments (January 2015);
  • RoadOne IntermodaLogistics, a Randolph, MA-based provider of intermodal transportation services to domestic and international shippers (June 2015);
  • Access Technology Solutions, a Provo, UT-based provider of cross-border e-commerce services (August 2014);
  • Fexy Media, a Seattle, WA-based food-focused digital video media company (June 2014)

“In Fund I, we have been able to build on our track record of finding companies with exceptional potential, pairing founders with seasoned executives in their sectors, and rapidly accelerating growth.  Our success with this strategy translated into strong investor support and an efficient fundraise,” said David Lack, managing partner and co-founder of Tritium.  “We are proud of the Tritium team, excited about our portfolio and look forward to partnering with our investors for another cycle.”

Weil, Gotshal & Manges provided legal services to Tritium on this fundraise.

© 2019 Private Equity Professional | January 15, 2019

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