Digital transformation specialist BayPine closed its inaugural private equity fund at approximately $2.2 billion, bringing the firm’s assets under management to $3 billion in aggregate due to co-investment capital.
The Boston-based firm’s strategy centers on durable core-economy companies with the execution speed, innovation mindset and technology infrastructure of leading “new economy” businesses.
BayPine Capital Partners Fund I is roughly one-third invested across three investments: Penn Foster, a pioneering workforce development and online vocational skills company; Mavis Tire Express Services, a leading aftermarket tire and automotive service provider; and Pinnacle Dermatology, one of the largest dermatology management services organizations in the United States.
Founded in 2019, BayPine was launched by former Co-CEO and Chairman of Silver Lake David Roux and Anjan Mukherjee, former senior managing director at Blackstone and counselor to the secretary and deputy assistant secretary for financial institutions at the U.S. Department of the Treasury.
The founders look to make good businesses great by combining the best of traditional private equity with a digital overlay and patient capital approach, so portfolio companies can thrive in a new era and beyond.
“In our view, the largest technology trend of our generation is the digitization of the entire economy, impacting all businesses globally,” Roux said in a statement. “This tectonic shift creates unique challenges, but also unprecedented opportunities for companies to harness the power of modern digital technology to transform their businesses.”
Mukherjee added, “The investments we have made to date — and their success since — are illustrative of our ‘digital alpha’ strategy, and we look forward to continuing to execute on a robust pipeline of opportunities as the partner of choice to management teams seeking to create value for their stakeholders through the effective application of technology.”