One Peak closes new fund on USD 1bn hard cap

The Luxembourg-domiciled One Peak Growth III, which was significantly oversubscribed, will invest in growth stage B2B software companies in Europe and Israel, according to a press release.

The close brings the firm's total assets under management (AUM) to circa USD 2bn.

According to the statement, the size of the new fund makes it the largest in Europe dedicated to backing fast growing B2B software companies in the USD 15m–USD 100m investment range.

The firm will reserve 25% of commitments for follow-on investments, One Peak's co-founder David Klein told Unquote.

Investors
Commitments to One Peak Growth III came from a diverse group of investors from the US and Europe, including blue chip university endowments, foundations, public pension plans, insurance companies, asset managers, fund of funds, and family offices.

The re-up rate by value is 130%, while several new thought-leading institutional investors have joined the LP base, co-founder Humbert de Liedekerke Beaufort told Unquote.

One Peak expects to continue to co-invest alongside other investors, he said.

Investments
One Peak generally takes significant minority stakes in its portfolio companies but can also buy majority positions, as reported. It plans to make four to six investments per year, de Liedekerke Beaufort said.

The firm is currently looking at both infrastructure and application software, as well as horizontal and vertical software, Klein said. It is particularly interested in the segments of infrastructure software, ESG software, cybersecurity, DevOps, Business Intelligence and Data Analytics, as well as healthcare tech, he added.

Founded in 2014, One Peak has built a concentrated portfolio of minority stakes in software companies such as PandaDoc, Neo4j and Spryker Systems.

The GP's current portfolio also includes UK-based payment platform PaySend; the GP led the company's USD 125m Series B round in May 2021. The firm has also backed Poland-headquartered telemedicine and medical practice management software DocPlanner.

The firm operates its own proprietary sourcing and business intelligence software platform, PULSE, to discover opportunities for new investments and bolt-on acquisitions for its portfolio companies, according to the press release.

The GP's previous fund, One Peak Growth II, held a final close in June 2020 on EUR 443m, as reported. The fund had an initial target of EUR 300m, according to Unquote data, which it subsequently increased to EUR 400m.

Fund II has deployed approximately USD 125m across four portfolio companies: enterprise architecture software company Ardoq, ESG data intelligence service for real estate developers Deepki, France-based SAAS HR solution developer Lucca and extended security posture management platform Cymulate.

People
One Peak Partners − David Klein, Humbert de Liedekerke Beaufort (co-founders and managing partners).

Advisers
One Peak Partners − Proskauer Rose LLP, Van Campen Liem (legal).

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