Trive Capital held a final and above-target close of its fifth flagship fund, Trive Capital Fund V LP, with total capital commitments of $2.7 billion. The new fund’s original target was $2.5 billion and follows the close of its fourth fund in April 2022 with $2.0 billion in capital.
Trive Capital invests between $10 million and $250 million of debt and equity in North America-headquartered companies with revenues ranging from $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience in aerospace and defense, automotive, building products, business services, chemicals, and consumer goods.
Trive Capital was founded in 2012 by Managing Partner Conner Searcy and Partner Chris Zugaro and is headquartered in Dallas. To date, Fund V has completed seven investments, and over the past year, the firm has closed investments in 10 platform companies, 19 add-on acquisitions, as well as three exits and dividend recapitalizations.
In February 2025, Trive closed investments in two companies: Chilton Auto Body, a California-headquartered provider of collision repair services with 20 auto body repair shops across California; and Independent Forgings and Alloys, a UK-based manufacturer of complex, multi-step advanced alloy forgings used in commercial aero engines and military defense systems.
“We are excited to deploy Fund V and continue our strategy of identifying and investing in companies with strong growth potential,” said Mr. Zugaro. “Our flexible structuring, hands-on approach and deep industry expertise will be key drivers of the success of these investments.”
Most recently, in March 2025, Trive completed a $500 million initial public offering for Karman Space & Defense, a maker of systems used in next-generation missiles, hypersonics, counter-UAS platforms, and space launch vehicles, that it acquired in August 2020. Karman’s products include engine nozzles, nose cones, iso and ortho-grid body panels, titanium attachment hardware, and heat shields. Karman’s capabilities include design, engineering, precision machining, large part forming, thermal coating, and sub-assembly.
California-based Karman operates nine facilities across four states, encompassing over 700,000 square feet of engineering and manufacturing space.
“We are grateful for the continued support from our existing limited partners, as well as many new investors across the world, who share our vision and commitment to driving growth and value creation in companies,” said Mr. Searcy. “The success of the fundraise is a testament to our team’s unwavering dedication to delivering strong performance and results.”
Campbell Lutyens was the placement agent for Fund V and Ropes & Gray provided legal services.
In April 2022, Trive held final closings of two earlier funds, Trive Capital Fund IV LP and Structured Capital Fund I LP, with a combined $1.95 billion of capital commitments.
© 2025 Private Equity Professional | April 8, 2025
