TCV adds Gopi Vaddi, ex-Providence exec, in London

Gopi Vaddi will join from Providence Equity, where he focused on growth buyouts and minority investments in software and payments

TCV is pushing further into European tech investing with the addition of a new London-based partner, the firm told PE Hub.

Former Providence Equity investor Gopi Vaddi joined TCV in October to fill a newly created partner role. Vaddi, who will relocate to London to lead TCV’s European team alongside Partner John Doran, will officially start in 2020.

Vaddi spent more than seven years at Providence, most recently as a managing director investing out of the firm’s growth strategy. Based in the firm’s Boston office, Vaddi concentrated largely on growth buyouts and minority investments in software and payments companies.

At TCV, Vaddi will focus on investing in European software and software-enabled companies, including business applications, vertical software, digital marketplaces and infrastructure software, the firm said.

The firm will prioritize high-growth technology companies with an established market position and customer-base, Vaddi told PE Hub.

Vaddi’s addition signifies TCV’s ambition to capture a bigger share of the European tech market, the firm said. The London-based team is likely to expand through additional hiring, although TCV did not specify which positions it is looking to fill.

“TCV wanted to double down on expanding its presence in Europe,” Vaddi said. “Our goal is to leverage our platform to partner with technology businesses globally, and I look forward to bringing my investment experience and knowledge to TCV’s investment effort in the region.”

In October, TCV launched a seven-member portfolio operations team. As part of the initiative, TCV brought on Susan Clark to lead the team as a general partner.
The firm also created a new head of capital markets role, hiring Jon Rauen from Morgan Stanley’s leveraged acquisition and finance group to lead the effort.

TCV, of Menlo Park, California, is a technology-focused growth equity firm with offices in New York and London. Since its 1995 inception, the firm has invested more than $13 billion across the technology industry, with investments in the software, business and financial services, infrastructure, and internet sectors.

TCV is investing out of TCV X, which closed in January 2019 on $3.2 billion. The firm typically makes equity investments between $50 million and $300 million-plus.

Action Item: Check out TCV’s latest form ADV.

Update: The story was updated to include additional information in Vaddi’s quote.