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Francisco Partners raises $9.7bn across three funds

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Technology-dedicated private equity firm Francisco Partners (FP) has held the final closing for Francisco Partners VI (FP VI) on $7.45bn, Francisco Partners Agility II (FP Agility II) on $1.5bn and Francisco Partners Credit (FP Credit) on $750m.

While FP VI and FP Agility II will target private equity deals, FP Credit is the first fund launched by the firm to focus on opportunistic credit investments.

FP VI is almost double the size of its predecessor, FP V, which closed on $3.98bn in November 2017. The fund has made most of its investments in North America, while dedicating around 20% of its capital to Europe and Israel.

"Through our three pools of capital, our team has the flexibility to pursue opportunities across the globe, and help management teams and portfolio companies execute operational and strategic transformation," said FP CEO Dipanjan Deb.

With offices in San Francisco, London and New York, FP is a global private equity firm specialising in investments in technology and technology-enabled businesses. Since its launch 20 years ago, it has raised more than $24bn in committed capital and invested in 275 technology companies across North America and Europe.

FP's investments include BeyondTrust, ClickSoftware, GoodRx, Ichor Systems, Iconectiv, LegalZoom, Quest and Verifone. European portolio companies include EG, ExLibris, Redislabs and Talentsoft.

Kirkland & Ellis served as legal adviser on FP VI and Agility II, while Simpson Thacher & Bartlett served as legal adviser on FP Credit.

Investors
Each fund was substantially oversubscribed and exceeded its target, according to the GP.

FP closed both private equity funds in six months with more than 130 institutional investors from 20 countries around the world. The vehicles' LP base includes public and corporate pension funds, foundations, endowments, insurance companies, sovereign wealth funds and family offices.

The funds received strong support from existing investors, as well as numerous new prominent LPs from Asia, Europe, the Middle East, South America, Africa and the US, according to the firm.

"We are very grateful to our limited partners, who have supported us during a global pandemic, and to our management teams, who continue to work tirelessly to help create value for shareholders," said CEO Deb.

Investments
The three funds target the technology industry, with a focus on application software, communications, financial technology, healthcare IT, infrastructure software, internet, security and semiconductors.

FP's investment approach includes partnering with founders, divisional carve-outs, take-private transactions and providing strategic capital for M&A.

The two equity funds will invest in companies with enterprise values ranging from $50m to more than $5bn.

FP Credit will focus primarily on private opportunities, seeking to leverage FP's network and understanding of the technology landscape.

People
Francisco Partners – Dipanjan Deb (co-founder, CEO).

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