Elsewhere Partners has closed its second fund, Elsewhere Partners III LP (Fund III), with $285 million in capital.
Elsewhere’s new fund makes control investments of $20 million to $50 million in growth-ready, business-to-business software companies that have revenues from $3 million to $12 million. Elsewhere employs an investment and operating model that combines its financial expertise with the operating experience of its partners and advisor network to optimize the go-to-market, product, talent, finance, and strategy functions of its portfolio companies.
Elsewhere was founded as an early-stage private equity firm by Austin Ventures veterans Chris Pacitti and John Thornton. Messrs. Pacitti and Thornton continue to serve as general partners at Austin Ventures and have decades of experience leading early-stage venture capital investments. With the formation of Elsewhere, the two founders have transitioned into early-stage private equity investors.
“Over the years, our vision to become a reliable feeder system for later-stage financial sponsors has crystalized due to the success of our early portfolio,” said Mr. Pacitti. “We found a gap in the venture capital/private equity ecosystem and have developed a low-risk/high-reward investment model and transformational playbook to become the ‘Series A’ private equity investor for B2B software companies. With the support of our new and existing limited partners, we look forward to continuing to fuel strategic growth in the software sector in both United States and international markets.”
Elsewhere Partners is headquartered in Austin, Texas, and has invested in 17 companies throughout North America, Europe and Israel since its inception in 2016. The firm’s second fund closed in May 2022 with $175 million of capital, and its first fund closed in 2017 with $70 million of capital.
© 2024 Private Equity Professional | June 27, 2024
