Firms & Funds

Blackstone alumnus closes debut Rubicon Tech fund at $305 mln

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Firm: Rubicon Technology Partners

Fund: Rubicon Technology Partners LP

Target: $250 mln

Amount raised: $305 mln

Placement agent: Capstone Partners

The Menlo Park, Calif, and Stamford, Conn, firm beat its $250 million target less than six months after it disclosed it hired placement agent Capstone Partners, according to an amended Form D filing on July 10.

Emails to Rubicon Technology Partners were not immediately returned.

In July, it disclosed $216 million raised from 44 investors and a date of first sale of Oct 1, 2013.

Among the LPs for Rubicon Technology Partners, the Florida State Board of Administration committed $50 million to the firm in June, according to a spokesman for the pension system.

Hodge, a partner at Rubicon, worked from 2006 through 2011 at Blackstone Group, where he held the title of senior managing director and senior advisor and was directly involved in the firm’s investments in Freescale Semiconductor, SunGard and SunGard Higher Education, Rubicon said on its website.

Andy Gesell, a partner at Rubicon Technology Partners, worked as a partner at Court Square Capital from 2005 to 2012. Steve Carpenter, another partner at Rubicon, worked under various senior management titles at Ventyx, a software provider for the energy and utility sectors, while it was a portfolio company of Vista Equity Partners and after it was sold to ABB in 2010. 

Among the firm’s deal-making:

  • In July, it closed an equity investment in software maker Astute Solutions, a Software-a-Service (SaaS) provider of customer experience management products for an undisclosed sum. The sale process was handled by technology merger and acquisition advisory firm Corum Group.
  • In December 2013, Rubicon Technology Partners paid an undisclosed sum for a strategic investment in Personify Inc, a software company that helps non-profit groups track and manage their constituents to improve loyalty and grow revenue.

Rubicon Technology Partners focuses on lower middle-market software and technology service businesses with revenues of $10 million to $150 million, according to its website. It targets control equity investments of $20 million to $50 million.