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KKR spinout True Wind blows past $400 mln target for debut fund

  • True Wind surpasses $400 mln target on Fund I
  • Fund to close by year’s end
  • Hires Vista Associate Matt Wilson

True Wind Capital, formed by two KKR executives, surpassed the $400 million target on its debut fund and will likely hold a final close by year’s end, according to a person with knowledge of the process.

The fund doesn’t have a cap and it’s not clear how much it could end up raising.

The GP has committed to put in almost 10 percent of the debut fund, which will charge investors a 2 percent management fee and a 20 percent carried-interest rate, Buyouts previously reported.

True Wind launched the fund last year, targeting investments in lower-mid-market tech companies with a focus on software, IT services, semiconductors, industrial technology and the Internet.

San Francisco-based True Wind was formed in 2014 by Adam Clammer and Jamie Greene, co-founders of KKR’s global technology group. Clammer joined KKR in 1995 and Greene in 1986.

“These two guys have a long history of working together, and they clearly have a similar approach in how they think about the business,” an LP who heard the fund pitch told Buyouts in a prior interview. “You take some risk off by having two core guys very much coming from the same institution and having worked for the better part of 18 years together.”

In May, True Wind hired Vista Equity Associate Matt Wilson as a principal, according to his LinkedIn profile and True Wind’s website. Wilson worked at Vista from 2010 to 2016, according to LinkedIn.

Prior to Vista, Wilson from 2008 to 2010 was a Boeing Co business analyst responsible for financial management and reporting within the integrated defense systems division, his bio on True Wind’s website said.

Last year, True Wind hired Aaron Matto as a principal on the investment team. Matto was a vice president at Spectrum Equity from 2011 to last February, according to LinkedIn.

Action Item: True Wind’s Form ADV:  https://adviserinfo.sec.gov/IAPD/IAPDFirmSummary.aspx?ORG_PK=281109

Photo of Adam Clammer courtesy of True Wind Capital