Truelink Capital Management has held a final close of its inaugural fund, Truelink Capital I LP, with limited partner commitments of $875 million, exceeding its target of $600 million and its original hard cap of $750 million.
Limited partners in Fund I include pension plans, foundations, insurance companies, financial institutions, family offices and consultants.
Los Angeles-headquartered Truelink Capital invests in tech-enabled services and industrial companies that have from $20 million to $75 million in EBITDA. Service sectors of specific interest include business-to-business, education technology, financial technology, information technology and software. Within industrials, sectors of specific interest include building products, chemicals, transportation and logistics, and packaging.
Truelink was founded in May 2022 by Todd Golditch and Luke Myers, former managing directors of Platinum Equity. “This is an exciting milestone for Truelink, and we are thrilled with the support of our limited partners,” said Messrs. Golditch and Myers in a released statement. “The strong limited partner demand, we believe, is a testament to our team and the strategy, demonstrating deep sector experience and value-orientation with a well-established process of driving operational improvements and executing strategic M&A. We wish to thank our world-class limited partners for their commitments and trust in us.”
To date, Truelink has closed on the acquisitions of four platform companies and has agreed to acquire a fifth platform with the recently announced acquisition of Air Distribution Technologies, a Texas-headquartered manufacturer of air management and filtration products, from publicly traded Johnson Controls.
The four earlier acquisitions were Trulite, an Atlanta-based fabricator of architectural glass and architectural aluminum systems used in commercial applications (October 2022); Richardson Sales Performance, a Philadelphia-based education technology provider in sales training and performance improvement (June 2023); Flipp, a Toronto-based marketing technology platform enabling digital merchandising and feature price promotions (August 2023); and Ansira, a St. Louis-based marketing services company with proprietary channel, website and advertising technology platforms (November 2023).
In addition, Truelink has closed four add-on acquisitions in 2024 with the buys of Illinois-based BrandMuscle and Florida-based SproutLoud as add-ons to Ansira in July 2024; Georgia-based American Insulated Glass for Trulite in March 2024; and UK-based e4enable for Richardson Sales Performance in February 2024.
William Blair & Company was the placement agent and lead financial advisor for this fundraise, and Kirkland & Ellis provided legal services.
© 2024 Private Equity Professional | July 12, 2024
