PeakEquity, with Apax operational pedigree, eyes $250 mln for sophomore fund

  • Fund II has been in market around two-to-three months
  • Closed debut fund in 2017
  • Firm has a relationship with Milestone Partners

PeakEquity Partners, launched by former executives from Apax Partners and the corporate world, is targeting $250 million for its second fund, a person with knowledge of the firm told Buyouts.

Fund II has been on the market for around two or three months, the person said. How much the fund has raised so far is unclear.

Stanwich Advisors is placement agent. PeakEquity didn’t return a call for comment.

The firm, with offices in Radnor, Pennsylvania, and New York, came back quickly with its sophomore effort, with Fund I around 90 percent deployed.

The firm closed the debut on $137 million in 2017, at which time it had already deployed about $50 million of fund equity, and more than $200 million of fund and co-investor equity, the person said.

Fund I LPs included asset managers, family offices and individuals, a statement at the time said.

PeakEquity focuses on majority buyouts and minority recapitalizations of enterprise software and solutions businesses with proven technology, products and offerings.

Greg Case and Paul Winn formed PeakEquity in 2014. They were joined by Ric Andersen in 2015. DJ Andrzejewski, who joined in 2014 from Stripes Group, and Justin Reger, who joined in 2017 from LLR Partners, were named partners this past January.

PeakEquity’s principal owners are Case, Winn and Andersen.

Case formerly led Apax’s late-stage software investing, focusing on enterprise software, tech-enabled business services, business-process outsourcing and internet-based direct marketing.

Winn held various roles, including president and CEO of Princeton Softech, PowerQuest and Genicom. He was LLR Partners’ first operating partner and most recently was chairman and interim CEO of Revitas.

PeakEquity and another firm, Milestone Partners, are under common control, sharing the same principal office, some employees and place of business, according to PeakEquity’s Form ADV.

PeakEquity may on occasion invest in a Milestone portfolio company or co-invest with the firm, the document said. This type of activity is subject to requirements in the specific fund contracts, the Form ADV said.

In January, PeakEquity led a $30 million investment in CareerArc Group, an HR technology company.

Action Item: Check out PeakEquity’s Form ADV here: