Five Elms racks up $780m for fifth fund

Five Elms Capital invests in B2B software.

Five Elms Capital has closed its fifth fund at $780 million. The fund will target equity investments between $5 and $75 million. Evercore Private Funds Group was the placement agent for the fund while Foley & Lardner LLP acted as fund formation counsel. Five Elms Capital invests in B2B software.


KANSAS CITY, Mo., July 22, 2021 /PRNewswire/ — Five Elms Capital, a leading global growth private equity firm 100% focused on investing in world class B2B software, today announced the closing of Five Elms V with $780 million in capital commitments.
Five Elms V will target equity investments between $5 and $75 million. The new fund received strong support from a diverse global base of new and existing institutional investors, bringing Five Elms’ total assets under management to more than $1.5 billion.

“We are incredibly grateful for the longstanding support of our existing limited partners. Our team is particularly excited about the number of founders from Five Elms portfolio companies that personally invested in Five Elms V,” said Fred Coulson, Founder and Managing Partner. “The new fund will allow us to continue supporting world class founders in hiring amazing talent, scaling culture, optimizing operations, and pursuing M&A as they continue to build platforms that users love.”

The fundraise caps a period of tremendous momentum for Five Elms. Highlights in the last year include:
8 successful exits, driving $3.8 billion in exit value
10 promotions in addition to 19 new members added to the investment team
+70 senior leadership hires across the Five Elms portfolio

Since the firm’s inception in 2006, Five Elms has successfully partnered with 50 software companies with operations across 16 countries. With the new fund, Five Elms will continue to invest in growth-stage software companies with industry-leading value propositions and amazing company cultures. With more than 60 professionals and $780 million of fresh capital, the firm is uniquely resourced to continue investing in and supporting category leaders across a wide variety of software verticals.

Evercore Private Funds Group acted as exclusive global placement agent for Five Elms V and Foley & Lardner LLP acted as fund formation counsel.

About Five Elms
Five Elms Capital is a leading growth investor in world-class software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders. Five Elms maintains offices in North America and Europe and invests in the best software platforms globally. For more information, visit