The San Francisco technology shop has had $1.5 billion in realizations in the last couple of years and expects four more exits in the near future, Dipanjan “DJ” Deb, a co-founder and managing partner at Francisco Partners, said at the Buyouts West conference in San Francisco on April 15.
The firm promptly started making good on that promise. On April 22 it took public Mitel Networks Corp., an Ottawa, Ontario, maker of communications network equipment. Francisco Partners, which did not sell any shares in the IPO, saw its 21.5 million-share stake drop to 40 percent ownership after the IPO, down from its pre-offering level of 49.8 percent. Mitel’s sale of 10.5 million shares priced at $14 a share, below the initially anticipated range of $18 to $20. And shares soon fell further. By May 3, they were trading below $12.
Francisco Partners has raised $1.5 billion in commitments on its third fund and is on track for a $2 billion close in the next several months, Deb said at the conference. He would not comment further on fundraising.
The firm’s previous fund, the $2.3 billion
Francisco Partners, established in August 1999, has 28 investment professionals on staff, including founding partners Deb, who previously was a principal at
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