Kennet Partners Looks to Raise $350M with New Fund

Kennet Partners is out fundraising for a $350 million growth equity fund, three sources say.

Capstone Partners is the placement agent, I’m hearing.

Founded in 1997, Kennet has offices in London and Foster City, Calif. The PE firm’s last fund, Kennet III, collected $315 million in 2008. Kennet focuses on companies in technology, services and digital media spread through Europe and North America, according to the firm’s web site.

Kennet is considered a growth/technology buyout firm with a split European and U.S. strategy, one person says. The firm typically invests from $10 million to $100 million equity per deal, the Kennet web site says.

Kennet has previously invested in Prolexic Technologies. Last year, the firm provided $25 million to WorldOne, which supplies data collection services to the healthcare industry.

Capstone declined to comment, while Kennet Partners did not return calls.

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