Tritium Partners has closed its third fund, Tritium III LP, with $684 million of committed capital. The new fund closed above target and is almost 50% higher than Tritium’s second fund which closed in January 2019 with $465 million of capital.
Tritium III received support from existing investors – who in the aggregate increased their capital commitments – and was backed by several new institutional investors including retirement systems, private pension plans, university endowments, foundations, diversified financial institutions and insurance companies.
“We are extremely excited to have received such strong support from current Tritium investors and are proud of the new investors we have added,” said Philip Siegel, a managing partner and co-founder of Tritium. “Tritium’s limited partners share our belief that growth-focused investing in the lower middle market offers opportunities for those willing to do the hard work required to scale businesses with great potential.”
Tritium specializes in buyouts of technology and services companies that have revenues of $5 million to $75 million of revenues. Sectors of specific interest include internet marketplaces, supply chain and logistics, fintech and financial services, software, data and analytics, and tech-enabled business services companies. The firm has completed 24 platform investments across its first two funds, and Tritium III has already completed its first three investments.
“Since closing our last fund, we have delivered substantial liquidity to our investors, grown our team, and added several companies with exceptional potential to our portfolio,” said David Lack, a managing partner and co-founder of Tritium. “We appreciate the confidence our investors have shown in us in this fundraise and are excited to continue our work for them.”
Tritium’s new fund has already closed three transactions with investments in Inbenta, a California-based provider of artificial intelligence-based customer experience software (January 2023); Qwick, an Arizona-based staffing-as-a-service platform for hospitality businesses (November 2022); and CharterUP, a Georgia-based online marketplace for charter bus reservations (October 2022).
“Our approach is to bring growth-focused strategic and operational experience to help the technology and services companies we back be better positioned for future success,” said Matt Bowman, a managing partner of Tritium. “Most importantly, we look forward to building strong partnerships and lasting relationships with founders and executive teams with this new fund.”
Tritium was founded in 2013 and is headquartered in Austin, Texas, with an additional office south of Salt Lake City in Lehi, Utah. With the close of Fund III, Tritium now manages nearly $1.5 billion of capital commitments.
Weil, Gotshal & Manges provided legal services on this fundraise.
© 2023 Private Equity Professional | January 31, 2023
