Accel-KKR closes small-cap software-focused fund

Technology-focused private equity Accel-KKR announced the successful closing of Accel-KKR Emerging Buyout Partners LP with $640 million in committed capital. The fund was oversubscribed and officials said the strategy is a continuation Accel-KKR’s long-standing strategy of investing in software and tech-enabled services companies with a distinct focus on small-cap companies. Total assets at the firm have swelled to more than $10 billion and since the beginning of 2019 more than $5.8 billion was raised across five funds -- including its most recent flagship buyout fund (Accel-KKR Capital Partners VI) and growth capital fund (Accel-KKR Growth Capital Partners III), its inaugural credit fund (Accel-KKR Credit Partners), and a continuation vehicle for its third buyout fund (Accel-KKR Capital Partners CV III). “Despite the less-than-ideal conditions imposed by the pandemic, we completed a very efficient, successful fundraise almost completely during the lockdown,” said Rob Palumbo, managing partner of Accel-KKR. “We now look forward to putting this capital to work and leveraging our software investing experience to help the next cohort of software companies and founders succeed.” So far three companies have received investment from the fund: Blue Mountain Quality Resources; Cloud9 Software; and InSight Mobile Data & Rhino Fleeting Tracking. Accel-KKR Emerging Buyout Partners LP Fund closed at $640 million, comprised of $460 million in limited partner commitments and $180 million in general partner commitments. LPs included academic institutions, medical research foundations, health care institutions and corporate and government pensions, said Tom Barnds, managing partner of Accel-KKR. The fund received strong support from Accel-KKR investors in prior funds as well as attracted a number of new investors. The Emerging Buyout Partners fund is designed with an evergreen structure. Phil Cunningham will lead the operating fund and brings more than 20 years’ experience in the software and technology arena and has spent the last eight years transforming private equity-backed businesses. Prior to joining Accel-KKR in 2017, he was CEO of Advicent Solutions, a provider of SaaS technology solutions for the financial services industry.

Accel-KKR closes small-cap software-focused fund

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