Carrick Capital Partners has closed a single-asset continuation vehicle for Saviynt with about $600 million of commitments, and has committed $255 million of new capital to the company. Saviynt sells identity security software that controls who and what can reach an organization’s applications and infrastructure — human employees, machine accounts and, increasingly, AI agents. The company has passed $300 million in annual recurring revenue, up from roughly $10 million when Carrick first invested, with bookings growth of 80% this year and customer retention of 96%.
Coller Capital led the investor group, with HSBC Asset Management as co-lead. Existing limited partners could take an 11x gross return, 10x net, or roll their equity into the new vehicle. The investment also concluded Saviynt’s Series B and funded an employee tender offer, at a valuation of about $3 billion. Marc McMorris and Jim Madden, Carrick’s co-chief executives, said the firm’s investors rely on it to find companies early and build value through operational performance. Robert W. Baird & Co. advised Carrick, with Proskauer Rose on the continuation vehicle and Latham & Watkins on the new investment.
