FTVentures today announced the closing of its third and largest
fund to date, FTV III, at $512 million. FTVentures will continue its
strategy of investing in software and business services companies that
derive value from the firm´s unmatched Global Partner Network, which
includes the world´s leading financial institutions. Founded in 1998
FTVentures has over $1 billion in committed capital and has offices in
San Francisco and New York.
"We greatly appreciate the continued support of our core strategic
limited partners," said Richard Garman, FTVentures Managing Partner.
"We are also delighted to have new, highly respected institutions
acknowledge our track record and unique model by joining our
institutional limited partner group. The addition of traditional
investors and new strategic investors to our existing investor network
will allow us to continue to deploy our proven model with more
diversified sources of capital."
Consistent with the investment strategy of its previous funds, FTV
III will typically invest $10 million to $60 million in software and
services companies seeking to finance organic expansion
recapitalizations, build-ups, and buyouts. The firm´s portfolio
companies target the financial services industry as a key customer
vertical and leverage FTVentures extensive Global Partner Network in
developing commercial relationships.
New limited partners from the financial services industry include
Liberty Mutual, Skandia Insurance, Nordea, PartnerRe, Capital One
Fannie Mae and Barclays Global Investors. New traditional limited
partners include New York City Retirement Systems, RHM Group, New York
State Common Retirement Fund and Kamehameha Schools.
FTVentures is known for the strength of its financial services
industry network which includes the following limited partner
institutions from the financial industry: AIG, AXA, Bank of America
Barclays Global Investors, BNP Paribas, Capital One, Charles Schwab
CIBC, Citigroup, Comerica, Credit Suisse, DBS, Deutsche Bank, Fannie
Mae, Fidelity National Financial, Fifth Third Bank, First Republic
Bank, Freddie Mac, GE Capital, Goldman Sachs Asset Management, The
Hartford, HSBC, ING, JPMorgan Chase, KeyCorp, Lehman Brothers, Liberty
Mutual, Lloyds TSB, Morningstar, National City, Nomura, Nordea
PartnerRe, People´s United Bank, PNC Bank, RBC Royal Bank, Sallie Mae
SEB, Skandia Insurance, Standard Chartered, Travelers, SunTrust, SVB
Financial Group, USBancorp, Visa, Wachovia, Washington Mutual, Wells
Fargo and Zions Bancorporation.
FTVentures previous successes include Actimize (acquired by NICE
Systems), Corillian (IPO/acquired by Checkfree), ExlService (NASDAQ:
EXLS), KVS (acquired by VERITAS), PowerShares Capital Management
(acquired by AMVESCAP), and Verus (acquired by The Sage Group).
Current FTVentures portfolio companies include Aveksa, Cloudmark
Coremetrics, Covario, Financial Engines, GigaSpaces, GMI, Managed
Objects, Rezolve Group, Capital H Group, CMS Holdings Group, Daylight
Forensic & Advisory, ETF Securities, Freeborders, Intrepid Learning
Solutions, Mavent, MedSynergies, Presidio Reinsurance Group, and
ProfitLine.
The FTVentures partners are: Brad Bernstein, Eric Byunn, Ben
Cukier, Richard Garman, Jim Hale, David Haynes, Bob Huret, Derek
Lemke-von Ammon and Chris Winship.
