An Austin-based private equity firm that has made major growth investments in local startups secured a new buyout fund.
Tritium Partners, created in 2013 by former Austin Ventures partners Phil Siegel and David Lack, announced Tuesday it has closed a $465 million second fund -- Tritium II. The raise, significantly larger than the $375 million the firm initially targeted, came largely from institutional investors, including retirement systems, pensions plan, foundations and insurance companies, and it took eight months to gather.
Tritium looks to acquire majority stakes in startups focused on online marketplaces, financial services and logistics. From its first fund, which closed at $309 million in 2015, Tritium made 10 investments. That includes leading a $50 million round for Austin- and Akron-based RVshare and a recapitalization and growth investment deal with Austin's RateGenius.
Overall, 10 deals have arisen from that first fund. Tritium manages almost $800 million in capital now.
"In Fund I, we have been able to build on our track record of finding companies with exceptional potential, pairing founders with seasoned executives in their sectors, and rapidly accelerating growth," Lack said in a news release. "Our success with this strategy translated into strong investor support and an efficient fundraise."
Tritium is part of a growing private equity and buyout sector in Austin. Other major players include Vista Equity Partners, which is one of the world's largest software PE firms, Think3, Strattam Capital Management, Spindletop Capital and others.
