9 May 2024
Investcorp, a leading alternative investment firm, today announced the final closing of its Investcorp Technology Partners V (“ITP V”) fund at $570 million in total commitments. The fund exceeded its $500 million target with commitments from new and existing LPs in Europe, North America, Asia, and the GCC.
ITP V marks the continuation of Investcorp’s lower mid-market technology strategy, which was established more than 20 years ago to target growing B2B technology companies with proven products and end markets. ITP V will seek to invest in companies globally within software, data/analytics, cybersecurity and fintech. The fund will look to take controlling stakes in companies with around $10 million or more in revenues and positive EBITDA that require equity investments of between $30-75 million, often as the first institutional investor.
ITP V has already made four investments in companies that span each of the fund’s specific focus areas. These include VEDA (HR software, Germany), HWG Sababa (cybersecurity, Italy), Zift Solutions (PRM software, USA), and NetRom (software engineering, the Netherlands).
Gilbert Kamieniecky, Head of European Private Equity at Investcorp, said: “We are excited to announce the final close of ITP V today. Over the past 20 years, we have developed a proven formula for investing in B2B technology businesses in the lower middle market that has enabled us to consistently achieve attractive returns for our investors. We pride ourselves on remaining disciplined on entry valuations throughout cycles, being hands-on partners to founders and focusing on a small subset of sectors with long-term tailwinds. ITP V marks the continuation of this successful strategy and we are truly grateful for the trust that our investors have once again placed in us.”
Hazem Ben-Gacem, Co-CEO of Investcorp, said: “We appreciate the support of our existing and new investors in the ITP V fundraise. We are looking forward to continuing to execute our tried and tested mid-market technology investment strategy that has proven successful throughout market cycles. By leveraging Investcorp’s scale and global reach, our team and this fund is strongly positioned to invest in and partner with promising companies and help accelerate their growth.”
ITP V is the successor to the $400 million fund ITP IV, which invested in companies such as softgarden (HR software, Germany), Avira (cybersecurity, Germany), Ageras (accountancy software, Denmark), and Impero (education software, US).