Ten Coves Capital has closed its third fund, Ten Coves Capital III LP, with total capital commitments of $293 million. The new fund was oversubscribed and closed at its hard cap.
Ten Coves, an active investor in the fintech sector, was formed in December 2020 through a spinout of the growth equity team – including Steve Piaker, Dan Kittredge, Ned May and Manu Rana – from Napier Park Financial Partners. This spinout included the assumption and management of the first two Napier Park growth equity funds with a combined $325 million of committed capital. With the close of Fund III, Ten Coves now manages $618 million in committed capital.
“The past few years have been incredibly exciting and rewarding for the Ten Coves team; a period during which we completed the transition to a fully independent platform, maintained a very active investment and value-realization pace, and now, closed our third fund,” said Steven Piaker, a managing partner at Ten Coves. “We are particularly grateful for the commitment and continued support from our existing and new investors, which include corporate and public pension plans, endowments, fund-of-funds, insurance companies, family offices, and a number of leading industry executives and advisors.”
Fund III is already invested in five portfolio companies including Boosted.ai, a Toronto and New York City headquartered finance-related artificial intelligence company (January 2022); Canopy Tax, a Draper, Utah-headquartered provider of cloud-based practice management platforms used by accounting professionals (September 2021); TealBook, an artificial intelligence company that gathers, predicts, and refines supplier data (December 2021); Cassini Systems, a New York City and Sydney-headquartered provider of pre- and post-trade margin and collateral analytics (December 2021); and Sentieo, a San Francisco-headquartered platform provider of financial and corporate research used by executives, investment analysts, and researchers (May 2021).
“Fund III is off to a strong start with five exciting portfolio companies,” said Ned May, a managing partner at Ten Coves. “COVID-19 has served as an accelerant, dramatically increasing the pace of innovation and adoption of next-gen FinTech platforms; as a growing, independent firm, we’ve never felt better about our ability to support our partner companies and capitalize on the tremendous opportunity ahead.”
“We’ve been investing in FinTech before FinTech was a coined term, and today leverage over two decades of experience and deep industry networks to help build leading, strategically significant companies,” said Dan Kittredge, a managing partner at Ten Coves. “The tremendous support from our investors, including a number of entrepreneurs with whom we’ve partnered, has allowed us to grow our team and re-double our efforts to back the next generation of innovative FinTech companies, all at a time of unprecedented growth in our market.”
Forum Capital Securities was the placement agent to Ten Coves on this fundraise and Proskauer provided legal services.
Ten Coves Capital has offices in Darien, Connecticut and New York City.
© 2022 Private Equity Professional | January 21, 2022
