European tech investor One Peak Partners is planning to make four to six growth investments per year in B2B software companies in Europe and Israel, co-founder Humbert de Liedekerke Beaufort told Mergermarket.
Following the closing of its One Peak Growth III fund on USD 1bn last week, the firm is looking at both infrastructure and application software, co-founder David Klein said. It is particularly interested in the segments of infrastructure software, ESG software, cybersecurity, DevOps, business intelligence and data analytics, as well as healthcare tech, he added.
The London-based sponsor generally takes significant minority stakes in its portfolio companies but can also buy majority positions. Companies in the USD 15m–USD 100m investment range are the new fund’s sweet spot. It will reserve 25% of commitments for follow-on investments and expects to continue to co-invest alongside other investors, said Klein.
One Peak has its own proprietary sourcing and business intelligence software platform, PULSE, which it uses to discover opportunities for new investments and bolt-on acquisitions for its portfolio companies, according to statement.
Founded in 2014, One Peak has built a portfolio of minority stakes in software companies such as PandaDoc, Neo4j and Spryker Systems. Recent investments include a USD 125m Series B round it led for UK-based payment platform PaySend in May 2021 and the backing Poland-headquartered telemedicine and medical practice management software DocPlanner in 2019.
Fund III was significantly oversubscribed and more than double of its predecessor, making it the largest in Europe investing in B2B software companies in its targeted investment range, as reported by sister publication Unquote. The fundraise brought the firm’s total assets under management (AUM) to circa USD 2bn.
Fund II, which closed in June 2020 on EUR 443m, has deployed approximately USD 125m across four portfolio companies: enterprise architecture software company Ardoq, ESG data intelligence service for real estate developers Deepki, France-based SaaS HR solution developer Lucca and extended security posture management platform Cymulate.
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