FTV Capital has now raised a total of about $4 billion after the close of its sixth and largest fund to-date, FTV VI, at the hard cap of $1.2 billion in capital commitments.
According to an announcement from the firm, the new fund will continue pursuing opportunities in the sectors of enterprise technology and services, financial services and payments and transaction processing. The target equity investment is $30 million to $100 million.
FTV VI saw renewed commitments from existing investors, as well as interests from new LPs, which are diversified by size, type and geography across North America, Europe, Asia-Pacific and the Middle East.
“We see tremendous opportunities ahead given the environment around our investment themes, including contactless payments, payment fraud solutions, enterprise digitization and remote workplace management,” said Brad Bernstein, managing partner at FTV Capital. “Having successfully deployed capital through various economic cycles, we will continue to work tirelessly to support our motivated management teams’ efforts to build market-leading companies.”
The firm has a two-decade legacy of investing in technology, as Alternatives Watch learned earlier this year in an interview with Kyle Griswold, partner at FTV.
In 2019, the firm had a record of over $800 million in realizations including a significant recapitalization of True Potential, the sale of WorldFirst to Ant Financial, the acquisition of Health Credit Services by Ally Financial and the sale of Empyrean Benefit Solutions to Securian Financial.
At the same time, FTV said it has committed $385 million to eight new portfolio companies including Docupace, a cloud-based digital operations software solution for wealth management; Sysnet, a cybersecurity solutions provider; Security Compass, offering enterprise software; and Bought By Many, a London-based pet insurance provider.