Cohere Hits Hard Cap on Debut Fund

Cohere Capital Partners has closed its debut fund, Cohere Capital Fund I LP, at its hard cap of $200 million. Cohere did not use a placement agent for this fundraise.

Investors in the new fund include a range of institutions including foundations, insurance companies, and family offices.

Cohere makes majority or influential minority ownership investments across a range of industries but has a specific interest in majority stakes in profitable technology-enabled businesses and healthcare services companies. Boston-based Cohere was founded in June 2019 by Nik Shah and Daniel Gedney.

“We are grateful for the strong investor support we received in closing our debut fund above our target in an uncertain market environment,” said Mr. Shah. “We launched Cohere to invest in market-leading tech-enabled businesses and be a true partner to their founders and management teams. The firm is off to a strong start, and we look forward to continuing that momentum

From 2007 to 2019, Mr. Shah was with H.I.G. Growth Partners, most recently as a managing director. At H.I.G. he focused on investments in the business services, technology, media, and Internet industries. Earlier in his career, he was with Landmark Partners which invested in lower middle market business services and industrial companies.

“Our focus is on finding market leaders that seek a capital and business partner to help execute on the next phase of their growth and strategic plan,” added Mr. Shah. “We take our partnership approach from our name: Cohere, which means to be united and consistent.”

“Cohere was founded on the philosophy that ensuring alignment among our stakeholders will enable us to achieve our common goal of building great and sustainable businesses. We are pleased to have the opportunity to bring our team’s expertise and capital to support the founders, management teams, and companies in which we invest,” said Mr. Gedney.

From 2015 to 2019 Mr. Gedney was with Gauge Capital, most recently as a senior vice president, where he was active in sourcing, evaluating, buying, and monitoring middle-market companies in the healthcare services, business services, and consumer services sectors. Earlier in his career, from 2011 to 2015, he was with H.I.G. Capital.

Proskauer Rose provided legal services to Cohere on this fundraise.

Private Equity Professional | May 19, 2020

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