Invictus Closes $574 Million Fund II

Invictus Growth Partners has held a final and oversubscribed close of its second flagship vehicle, Invictus Growth Fund II LP, with $574 million in total capital commitments. Fund II exceeded its original hard cap of $450 million.

Fund II is more than twice the size of the firm’s first fund, which closed with $216 million of capital along with $106 million of capital for co-investments in 2022.

Limited partners in Fund II include a mix of returning investors and a majority of new limited partners. Investors in the latest fund include the New York State Common Retirement Fund, a returning backer from the firm’s debut fund, and the New Mexico State Investment Council, participating for the first time. Invictus secured over two-thirds of the fund’s capital from new institutional investors, including foundations and university endowments. Leading the raise of Fund II for Invictus was Partner Zaid Abdul-Aleem.

“We are honored and grateful for the support from our returning and new investors, which include pension plans, endowments, foundations, insurance companies, healthcare institutions, and family offices,” said Mr. DeLoche. “The early support and leadership from our existing investors helped to drive investor demand and facilitate a successful fundraise despite a challenging environment.”

Invictus invests in B2B technology companies with at least $10 million in recurring revenue that are active in the automation, cloud software, cybersecurity, and fintech sectors. The San Mateo-headquartered firm was founded in 2019 by Managing Partners John DeLoche and William Nettles.

So far, Invictus has committed more than a quarter of Fund II’s capital across three transactions, with a fourth investment currently in progress.

The three closed acquisitions include ThreatModeler, a San Francisco-based provider of cybersecurity technology (June 2024); Campfire Interactive, a Michigan-based SaaS provider of manufacturing-focused business applications (September 2024); and StructuredWeb, a New York-based AI-backed enterprise channel marketing automation platform (January 2025).

“We will continue our strategy of bringing a partnership approach and deep operating expertise and resources to our portfolio companies to help them scale,” said Mr. Nettles. “This includes our world class team’s stewardship, machine learning-powered GTM operational enhancements through our DIANE platform, and the support of a dedicated portfolio company success team, the Invictus Guild.”

Editor’s note: DIANE stands for Deal Intelligence Assessment Neural Engine. DIANE is Invictus’ proprietary machine learning platform that has been trained and optimized for over five years.

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