True Wind Capital, a San Francisco-based private equity firm, announced successfully closing its second fund with $817 million in equity commitments, according to Crowdfund Insider.
The new fund, True Wind Capital II, received significant support from the first fund’s partners as well as new, undisclosed partners according to the report. The fund will focus on finding niche sectors of fintech, software, data analytics, internet and other tech-enabled services.
The firm began fundraising before the COVID-19 pandemic, paused during it and raised the majority of capital in recent months, according to the Wall Street Journal. True Wind says Fund II’s limited partner base consists of pension funds, asset managers, family offices, foundations and endowments from across North America, Europe and Asia.
“We are grateful for the continued confidence and strong support we received for Fund II from a diverse group of new and existing high caliber investors. True Wind continues to distinguish itself as a leading technology-focused investor by bringing large cap experience to the lower middle market and positioning our portfolio companies for enduring success,” founding partner Adam Clammer said.
True Wind Capital founded in 2015 by Clammer and James H. Greene, Jr., two previous founders of KKR‘s Global Technology Group. The firm’s first fund totaled $558 million in 2017 and included investments in Zix (NASDAQ: ZIXI), Open Lending (LPRO), Sysnet Global Solutions, Transflo and LeadVenture.
Fund II has already made several investments, including the acquisition of customizable contract proptech AIA Contract Documents and pet service marketplace Rover Group.
In other recent fintech news, Stori raised a $200 million Series C co-led by GGV Capital and growth-stage investor GIC. FlyFin also emerged from beta to launch its namesake service, an AI-powered tax engine aimed at Gen Z and Millennial freelancers.