Motive reaches $500 mln target on debut fund

Motive Partners, which received backing last year from a major seeding firm, raised $500 million for its debut fund to invest in financial services-focused technology businesses, a source told Buyouts.

Motive was targeting $500 million for Motive Capital Fund I. It’s not clear if Motive held a final close on Fund I. Motive Partners declined to comment.

Motive Partners invests in financial-services-focused technology businesses. The firm had $534 million in assets under management, according to its Form ADV dated June 3, 2019.

The debut fund appears to be split into two pools—Fund I-A and I-B. A Form D SEC filing in May showed that Motive raised $208.5 million for its Fund I-B from 13 investors.

In June, New York State Common Retirement Fund allocated $20 million to Motive Capital I-A as part of its emerging manager program. The commitment was recommended by New York Common’s emerging manager fund-of-funds Muller & Monroe.

Motive Partners was co-founded in 2016 by Rob Heyvaert, founder and managing partner. Heyvaert was founder and chief executive officer of financial services consultant Capco from 1998 to 2015, according to his LinkedIn profile. Heyvaert is principal owner of Motive, along with a broad base of the firm’s founders, management, employees and third-party investors, Motive’s Form ADV said.

Motive’s other co-founders were Michael Hayford, a senior adviser who became president and CEO of NCR Corp last year; and Stephen Daffron, an industry partner who became president of Dun & Bradstreet in January.

Last year, Motive Partners forged a strategic partnership with Capital Constellation, which is a collaboration between Alaska Permanent Fund, RMPI Railpen, the U.K.’s largest pension fund, and investment adviser Wafra on behalf of Public Institution for Social Security of Kuwait.

Motive in November acquired a controlling stake in LPA, which provides software and advisory services focused on financial services distribution and regulatory compliance.

Action Item: Read Motive Capital Management’s form ADV here.