Sumeru Equity Partners, a San Mateo, California-based private equity firm, closed Sumeru Equity Fund III, L.P., at $720 million.
The fund received support from existing and new LPs, securing commitments from prominent institutional investors in North America and Europe, including endowments, multi-manager funds, consultants, public pensions, corporate pensions and family offices.
Fund III’s investment strategy focuses on companies with enterprise values from approximately $75 million to $350 million and makes investments of typically between $50 million and $100 million per transaction.
Founded in 2014 and led by Kyle Ryland, Jason Babcoke, John Brennan, George Kadifa, Paul Mercadante, Sanjeet Mitra, and Randy Randleman, Sumeru Equity Partners is a technology-focused growth capital firm that invests in companies across software, technology-enabled services and hardware. The firm employs a growth-oriented partnership model with technology companies and typically invests $25-200 million per transaction.
The firm has backed leading software companies such as Azuga, Ceros, GoGuardian, MDSL, Social Chorus, Blackline, Talend, Kyriba and Buildium.