Blackstone and Goldman Sachs Asset Management have acquired a minority stake in San Francisco and London-based Francisco Partners, a tech-focused private equity firm. No financial terms were disclosed.
The capital infusion will help Francisco Partners with its balance sheet and beef up its commitments to its own funds.
Evercore acted as financial adviser to Francisco Partners on the transaction while Kirkland & Ellis LLP was legal adviser. Simpson Thacher provided legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.
Since its inception nearly 19 years ago, Francisco Partners has raised more than $14 billion in financing and invested in more than 200 tech companies, according to the firm.