Bridge Growth reaches $311 mln for debut fund

Bridge Growth Partners raised around $311 million for its debut fund, according to a pair of SEC filings. 

The New York-based firm set a $500 million target for its debut, said one limited partner who reviewed the fund. A spokesman for Bridge Growth Partners declined to comment.

“Strong team. Really focused,” said the LP.

An SEC filing for Bridge Growth Partners LP shows the fund has raised $213.4 million, while a separate filing for a vehicle called Bridge Growth Partners (Parallel) LP shows it has raised $97.5 million.

Bridge Growth began fundraising in early 2014, according to SEC filings. In its Form ADV, the firm reports it will charge LPs a 2 percent annual management fee on committed capital through the fund’s investment period. Bridge Growth also set an 8 percent return hurdle, which is subject to a catch-up and a clawback.

The firm will offset monitoring, director, break-up, transaction-related fees and other similar fees charged to portfolio companies against the management fee, according to the Form ADV.

Evercore Group is an associated broker dealer on the fund, according to SEC filings.

Sander Levy, Kevin Parker and Alok Singh founded Bridge Growth in 2013 to invest in technology and technology-enabled financial services companies. Previously, Levy was a founding partner and investment committee member at Vestar Capital Partners, where he led the firm’s financial services practice. Singh was a managing director at New Mountain Capital and oversaw many of the firm’s investments in the software industry.

Parker, the former CEO of software provider Deltek, acts as Bridge Growth’s senior operating principal. Tom Manley is the firm’s chief administrative officer.

Bridge Growth has already completed two deals through its debut fund. It acquired software development company CRGT in January 2015 and later merged the company with Salient Federal Solutions in August.

Action Items: See the SEC filing for Bridge Growth Partners LP here: http://1.usa.gov/1l1jEK5. See the SEC filing for Bridge Growth Partners (Parallel) LP here: http://1.usa.gov/1OemYfE

Photo: Lights from the Brooklyn Bridge and lower Manhattan skyline are reflected in the East River after sundown on November 17, 2004. REUTERS/Peter Morgan