Silversmith closes Fund II at hard cap of $670 mln

  • Growth equity firm invests in tech, healthcare IT
  • Closed Fund I at $460 mln hard cap in 2015
  • Founded by Bain Capital, Spectrum Equity execs

Silversmith Capital Partners closed its second fund at the hard cap of $670 million, the firm announced.

Fundraising for Silversmith Capital Partners II took around three months, the firm said, and the fund “was significantly oversubscribed.” A small number of new LPs committed capital alongside existing investors, as well as more than 25 CEOs, founders and industry executives.

Monument Group was placement agent and law firm Proskauer Rose advised on fund formation.

Based in Boston, Silversmith invests in two sectors, SaaS and information services and healthcare IT. The firm targets profitable, high-growth companies, typically commiting $15 million to $75 million of equity.

Silversmith closed its first fund at the hard cap of $460 million in August 2015.

The firm was founded by two former managing directors of Bain Capital VenturesJeff Crisan and Todd MacLean, as well as Jim Quagliaroli, previously managing director at Spectrum Equity, and Lori Whelan, an ex-Bain & Co consultant.

At Silversmith, Crisan, MacLean and Quagliaroli are managing partners and Whelan is chief operating partner and CFO.

The firm recently partnered with Bain Capital Ventures to acquire Swift Prepaid Solutions, a provider of incentive and reward programs. Other recent deals include the add-on of Mexico Business Directory to platform company Digital Map Products, a $59 million commitment to cloud-based learning technology company Absorb Software, and the lead investment in a $40 million round for vacation-rental network

Action Item: Check out Silversmith Capital Partners II’s Form D filing here.

Boston cityscape with the Massachusetts State House. Courtesy of Sean Pavone/iStock/Getty Images