Silversmith Capital Partners has closed its oversubscribed second fund at a hard cap of $670 million. Silversmith Capital Partners II LP will focus on growth companies in two sectors: software-as-a-service and information services and health information technology and services. The fund’s limited partners include endowments, foundations, fund of funds and pension funds. Monument Group was the placement agent while Proskauer Rose LLP provided fund formation counsel.
BOSTON, January 25, 2018 – After approximately three months in the market, Silversmith Capital Partners (“Silversmith”) announced today the first and final closing of its second fund, Silversmith Capital Partners II, L.P. (“Fund II”) at its target and hard cap of $670 million of commitments. The fund was significantly oversubscribed. Consistent with the strategy of its predecessor fund, Fund II will focus on growth companies in two core industry verticals: Software-as-a-Service & Information Services; and Healthcare Information Technology & Services.
Silversmith received strong support from its existing investor base of leading endowments, foundations, fund of funds, and pension funds, while also adding a small number of new investors. In addition, more than 25 CEOs, founders, and industry executives invested in the fund.
“We are grateful for the continued support of our existing limited partners and are excited to add a select group of endowments and foundations,” said Jim Quagliaroli, Managing Partner of Silversmith. “We look forward to continuing our long track record of supporting founder-led growth businesses across our core areas of expertise.”
Prior to founding Silversmith, Jeff Crisan, Todd MacLean, Jim Quagliaroli and Lori Whelan had a broad base of relevant experience at established investment platforms, including over 45 years of collective growth equity experience. Since its founding in 2015, the firm has grown to a team of 13 investment professionals in addition to four senior industry advisors. Silversmith closed its first fund of $460 million in August 2015.
Monument Group served as the exclusive placement agent and Proskauer Rose LLP provided fund formation counsel.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions, Digital Map Products, Impact Radius, LifeStance Health, Nordic Consulting Partners, and Partners Surgical. The founders have over four decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Yapstone. For more information, visit www.silversmithcapital.com.
About Monument Group
Monument Group is a leading, independent private fund placement agent managed by a senior team with significant buy‐side investment heritage. Since its inception in 1994, Monument Group has assisted a range of general partners around the world to raise 84 funds, totaling $93 billion of equity. These clients represent a broad variety of investment strategies including buyouts, debt, distressed, energy and natural resources, growth, infrastructure and real estate. Monument Group has offices in Boston, London, Tokyo and Hong Kong. For more information, visit www.monumentgroup.com.
Monument Group, Inc., is a member of the Financial Industry Regulatory Authority (FINRA); Monument Group Europe LLP is authorized and regulated by the Financial Conduct Authority; Monument Group, L.P. is licensed as a Type II Financial Instruments Dealer in Japan; Monument Group (HK) Limited is licensed to conduct Type 1 regulated activities in Hong Kong.
About Proskauer Rose LLP
Proskauer offers a full suite of services for the investment management industry, with a market-leading global team dedicated solely to advising asset managers, investment funds and their advisers, financial institutions and institutional investors across the asset class. The cross border team of over 130 lawyers is based in the U.S., UK, Asia and Latin America and includes specialists in tax, ERISA, regulation, financial services, employment, insurance, fund finance, litigation and risk management who understand the unique technical and commercial issues relevant to investment managers. Robin Painter and Matthew McBride led the engagement from Proskauer.