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Spire Fund III raises $333 mln

Spire Capital Partners said Tuesday it closed its third fund with about $333 million in commitments. Fund III will invest in sectors such as business services, information services, media, education/education technology and communications services. Spire’s last fund raised $319 million in 2007.


NEW YORK, April 7, 2015 /PRNewswire/ — Spire Capital Partners (“Spire”) is pleased to announce the final closing of Spire Capital Partners III, L.P. (“Spire III”), a private equity fund with approximately $333 million in capital commitments. Spire III’s committed capital surpasses its previous fund, Spire Capital Partners II, LP (“Spire II”), which was a $319 million 2007 vintage fund. Spire III’s limited partners consist of existing Spire II investors as well as new investors representing leading pension funds, endowments, fund of funds, family offices, insurance companies, financial institutions and executives from the areas of Spire’s investment focus. Spire III’s investment focus targets lead and control investments in the business services, information services, media, education/education technology and communications services sectors (“BIMEC” sectors). Spire targets domestically based platform companies between$30 million and $150 million of enterprise value.
Spire seeks to invest in fast growing, profitable companies in these BIMEC sectors. In addition, Spire is focused on partnering and working alongside entrepreneurs, and management teams to grow the platform companies organically and through acquisition. Spire seeks to execute a Buy & Build investment theme for its portfolio companies and has consummated over 90 add-on acquisitions at its underlying portfolio companies in its first two funds. In addition, Spire has an active and successful Executive in Residence program that inserts C-level executives into our portfolio companies as part of the management team or as value-added Board members when a company is seeking a succession plan or to broaden strategic industry relationships.
Spire III has already invested in four companies in the BIMEC sectors, including:
• Lighthouse eDiscovery – Provider of software and services to enterprises and law firms for hosting, search, electronic storage and archiving of eDiscovery documents –
• NetFortris – Provider of hosted cloud communications, managed network
solutions, IT security solutions and other managed applications to small and medium-sized business and enterprise customers –
• Surgent Tax & Accounting Education – Provider of an online technology platform and content for professional education and specialized career training services in the accounting, auditing and taxation industries –
• Veraction – Business Software provider with a SaaS-enabled transportation spend management solutions for large, established enterprises globally –
Spire III is led by Andrew J. Armstrong, Jr., Bruce M. Hernandez, David K. Schaible and Sean C. White (“Partners”), alongside other team members and maintains offices in New York, NY and Philadelphia, PA. The Partners have worked together at Spire for nearly 15 years.
Spire partnered with Aqueduct Capital Group as its primary placement agent for Spire III. Dentons and Ropes & Gray LLP provided legal counsel to Spire Capital during the formation of Spire III.
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus on lead and control investments in companies within the business services, information services, media, education and communications sectors (“BIMEC” sectors). Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and create value. Spire Capital is investing out of its third fund and has managed over $900 million in private equity commitments since its founding. For more information please
Spire Capital Disclosure: Spire Capital is a New York based investment advisor registered with the Securities and Exchange Commission under the Investment Act of 1940. Market conditions can vary over time and past fund performance does not guarantee future fund results.