Tritium Partners, firm founded by ex-Austin Ventures execs, seeks $375 mln Fund II

  • Ex-Austin Ventures executives launched Tritium in 2013
  • Tritium Fund II will follow same strategy as Fund I
  • Tritium has put GIACT Systems up for sale

Tritium Partners, the Austin private equity firm founded by former Austin Ventures executives, is out marketing its second fund.

The firm is seeking $375 million for its latest flagship, according to September pension documents from Texas Municipal Retirement System.

With Fund II, Tritium is targeting 12 to 14 control transactions, investing $15 million to $50 million equity per deal, the documents said.

Tritium is staying with the strategy it used with its first fund. The buyout shop in 2015 closed its debut at its $309 million hard cap.

Tritium seeks to invest in U.S. companies that are generating from $2 million to $20 million in Ebitda. Sectors of interest include internet and information services, supply chain and logistics, as well as business and financial services in the U.S.

Texas Municipal’s board recommended that the pension plan invest $60 million in Tritium Fund II. The board has approved all recommendations, said Bill Wallace, a spokesman.

Ex-Austin Ventures executives launched Tritium in 2013. Phil Siegel, a managing partner, was a GP at Austin Ventures, while David Lack, also a co-founder, was a partner.

The firm is seeking a buyer for GIACT Systems, Buyouts reported in September. Raymond James is advising.

GIACT is the Allen, Texas, provider of verification, authentication and funds confirmation to more than 1,000 customers. Clients include financial and lending institutions, insurers, and retail and ecommerce merchants.

Executives for Tritium and Texas Municipal could not immediately be reached for comment.

Action Item: Contact Phil Siegel at +1 512-493-4100