TVC Capital Raises $115 Million Software-Focused Growth Equity Fund
Oversubscribed Fund III closes in 3 months; firm to continue investing in and acquiring US-based software companies
14 Jan, 2015, 04:01 ET
SAN DIEGO, Jan. 14, 2015 /PRNewswire/ -- TVC Capital, a software-focused growth equity firm, announced today the closing of TVC Capital III with $115 million in capital commitments. The fund was oversubscribed and the closing took place only 90 days after TVC commenced fundraising. In exceeding the fund's target, TVC received 100% participation from existing institutional investors and welcomed prestigious fund of funds managers and a university endowment as new limited partners.
With TVC Capital III, TVC will remain focused on investments in and acquisitions of software companies that meet a mission-critical need of their customer base and are generating $2.5 million plus in revenue.
TVC has a differentiated investment philosophy emphasizing operational value creation and working "in the trenches" with software management teams to accelerate growth, maximize value and position for a profitable exit. The strategy leverages the team's 60+ years of experience with high-performance organizations, technology leadership and operations, executive management and public and private board participation.
TVC Capital was founded by Jeb Spencer and Steve Hamerslag in 2006 and the duo continue to serve as Managing Partners of the firm. Hamerslag and Spencer commented, "Building off the successes of TVC I and TVC II, closing TVC III in such an expeditious manner is a testament to our operationally-focused investment strategy, the compelling opportunities that exist in the software sector and the strength of the TVC team. We are very focused on continued strong performance by partnering with management teams running exceptional businesses with outstanding long-term potential."
"As a long-term fund investor and co-investor with TVC Capital, we are happy to continue our relationship with Jeb, Steve and the team and support them in TVC III. As their first institutional LP in 2007, we are pleased to see them add such a distinguished group of new investors to this fund," said Tommy Vardell, Managing Director of Northgate.
Lance Cottrill, Managing Director of Horsley Bridge Partners stated, "We are excited to partner with TVC Capital through our Growth Buyout fund of funds. We find TVC's uniquely differentiated strategy, disciplined approach and proven ability to add value to their portfolio companies to be very compelling."
In addition to closing the new fund, the firm also announced the promotion of two key members of the TVC team. Mykel Sprinkles has been promoted to Principal and Joanne Ward has been promoted to Director of Operations. TVC is actively seeking to add team members experienced in software and growth equity investing.
TVC I has realized three successful exits since 2011 – the sale of Accordent Technologies to Polycom, Inc.; the sale of Del Mar DataTrac to Ellie Mae, Inc.; and the sale of Mercent to CommerceHub, a subsidiary of Liberty Media. TVC II recently realized its first exit – the sale of Anametrix to Ensighten, a private company.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm with approximately $225 million under management. The firm is focused on investments in and acquisitions of software and software enabled service firms. TVC Capital targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. Selected investments include Limeade, Levels Beyond, Centage, EdgeWave, LiquidPlanner, ReverseVision, Accordent, Del Mar DataTrac and Mercent. The TVC team is led by operating executives with more than 60 years of experience growing technology companies into market leaders. For more information, including a full list of investments, visit www.tvccapital.com.
For more information contact:
TVC Capital, LLC
This announcement appears as a matter of record only. These securities have not been registered under the U.S. Securities Act of 1933 and unless so registered may not be offered or sold except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. These Securities were offered and sold only to accredited investors.
SOURCE TVC Capital
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