Deal featured Accel-KKR Capital Partners CV III, L.P., a $1.386 billion continuation vehicle
Menlo Park, CA – March 16, 2020 – Accel-KKR was named the 2019 GP-Led Deal of The Year in the Americas by Private Equity International earlier this month. The award was given in recognition of Accel-KKR Capital Partners CV III, a $1.386 billion continuation vehicle which closed in September 2019.
The Private Equity International’s awards (PEI Awards 2019) honor the most impressive and innovative secondaries deals, firms and advisors across the globe in numerous categories. Category shortlists are selected by PEI and Secondaries Investors global editors after undergoing a rigorous nomination process, and category winners are decided solely by votes from thousands of industry practitioners in private equity firms, limited partnerships and advisory firms worldwide. Specifically, a large majority of GP-led deals in 2019 took place in North America, making the 2019 Deal of The Year in the Americas one of the most competitive categories amongst the 2019 PEI Awards.
The award recognized the fund’s lead investors including Goldman Sachs Asset Management, GIC, Adams Street Partners and Evercore.
Accel-KKR Capital Partners CV III is composed of $1.161 billion in new capital commitments, which have funded the purchase of four portfolio companies that were the remaining assets of Accel-KKR Capital Partners III, L.P. (“Fund III”) – a $600 million fund that closed in 2008 – as well as a new $225 million commitment to fund follow-on investments in these four companies: Paymentus, isolved HCM, TrueCommerce and Infinisource.
The Accel-KKR Capital Partners CV III fund seeks to drive further value appreciation in the four companies over an extended timeframe. The four companies currently have combined revenues in excess of $500 million and employ more than 2,200 people.
Tom Barnds, Managing Director of Accel-KKR, said, “In aggregate, these four strong businesses have grown eightfold over the course of Accel-KKR’s investment in them through Fund III. This continuation vehicle gives us and our fellow investors the ability to continue to partner with each company in the next phase of their journey.”
Rob Palumbo, Managing Director of Accel-KKR, added, “The complex and competitive process for CV III reflected our desire to provide a winning solution for all parties whether they were looking to achieve liquidity or to extend participation in the companies’ continued growth. We look forward to building on the successes of these companies in the coming months and years.”
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.