Trident spinout TC Growth nears $200 mln for Fund I

Firm: TC Growth Partners

Fund: TC Growth Partners I LP

Target: $300 mln

Amount raised: $200 mln

TC Growth Partners is nearing a $200 million interim close for its inaugural growth equity fund after an amicable spinoff from venture firm Trident Capital, according to a source familiar with the firm.

The Palo Alto, Calif-based firm headed by four managing directors that worked at Trident Capital for many years expects to draw in about $300 million for its first fund, aimed at investments in technology-enabled services.

In one recent deal, TC Growth led a $34 million financing round for UserZoom Technologies, a specialist in measuring the user experience for businesses that sell products on the Internet, with co-investors Trident Capital and StepStone Group. The transaction was announced in October.

TC Growth lists Gusatvo Alberelli, Michael Biggee, John Moragne and Arneek Multani as co-founders and managing directors of the firm. Moragne co-founded Trident Capital back in 1993. Donald Dixon, the co-founder of Trident Capital with Moragne, is not listed on the roster for TC Growth.

TC Growth lists 26 current and past investments on its website, including Acclaris, AirTight Networks, Sabre, Teladoc, and Voltage Security.

Trident Capital formerly made growth investments from its flagship funds. Dating back to 1993, Trident Capital raised seven funds and has managed $1.9 billion of capital.

Meanwhile, Trident Capital Cybersecurity (TCC) is raising a fund with a $200 million target as another spinout of Trident Capital, according to a filing. In September, Trident Capital Cybersecurity hired Sean Cunningham as managing director. He previously worked as director of venture investments for Intel Capital.

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