Centana Growth Partners Fund I raises $250 mln with debut

  • Centana Growth Partners LP’s target was $200 mln
  • Lazard was placement agent for Centana Fund I
  • Centana has invested in Jumio, One Inc, Vena and blueprint

 

Centana Growth Partners, the growth equity firm launched by former FTV Capital executives, raised $250 million with its debut fund.

Centana Growth Partners LP was oversubscribed and came in 25 percent above its $200 million target. Centana will seek to make growth equity investments in financial services, financial technology and enterprise technology companies that sell to the financial-services space.

The firm spent a year fundraising before closing its first pool on March 31, a source said. Some 97 percent of its investors are institutional LPs, the person said. Lazard was placement agent.

With offices in New York and Palo Alto, California, Centana is seeking “workhorses” — companies with proven business models that will exit at less than $1 billion valuations, said Ben Cukier, a co-founder and partner. Such workhorses “are powering huge and important parts of the financial-services industry, and with the right capital and investment partner, could strategically expand in exciting ways,” Cukier said in a statement.

Centana will seek to invest $5 million to $30 million equity in companies with $5 million to $50 million of revenue. The firm has already made four investments: Jumio, One Inc, Vena and blueprint.

Cukier, along with partners Eric Byunn and Steven Swain, launched Centana in 2015. Cukier and Byunn were both partners at FTV, while Swain is former president of Global X Management, an ETF provider.

Centana is one of the few growth equity firms focused exclusively on financial services. The firm plans to stay small and keep targeting the same average deal size, the source said. Centana will not do large investments just to deploy more capital, the person said.

FTV, also a growth equity firm, wrapped up its most recent pool at $850 million last year. The firm focuses on sectors such as enterprise technology and services, financial services, and payments.

In May, First Data said it would buy CardConnect, an FTV portfolio company, for $750 million. FTV is expected to make 6x to 7x its money with the sale, Buyouts has reported.

Action Item: Contact Ben Cukier at Bcukier@centanagrowth.com

Ben Cukier, co-founder and partner of Centana Growth Partners. Photo courtesy of Centana.