Firms & Funds

Napier Park’s fintech team targets $250 mln for Fund II

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Apax Partners, technology, private equity
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  • Fund II target quadruples from Fund I
  • Group targets growing fintech businesses
  • Napier Park emerged from Citigroup in 2013

Napier Park Global Capital, an alternative-assets firm with $8.3 billion of assets, has a small team that focuses on growth investments in up-and-coming financial-technology companies.

That group, Napier Park Financial Partners, is in market with its second fund targeting $250 million, a small fund but quadruple the size of its debut pool, which raised about $60 million.

Napier Park’s Financial Partners team is co-led by Steve Piaker and Manu Rana.

The group also included Managing Director Daniel Kittredge on fundraising documents for Fund II. Kittredge joined Financial Partners in 2014 from Security Benefit Corp, an affiliate of Guggenheim Partners.

Financial Partners Fund filed a Form D fundraising document last September. How much the fund has collected so far is unclear.

A spokeswoman for Napier Park did not respond to a request for comment.

The group targets investments of $5 million to $30 million and looks to partner with management in financial-services businesses. Investments include businesses in payments technology and services, banking and lending technology and services, insurance tech and banking and specialty finance, the firm said in a news release.

Investments include Bluefin Payment Systems, Bill.com, nvoicepay and lendio. In July, PayPal Holdings acquired a Financial Partners’ portfolio company, TIO Networks, a multichannel bill-payment processor, for about $238 million.

Napier Park separated from Citigroup’s alternative-investment unit, Citi Capital Advisors, in 2013. Rana and Piaker both worked at Citi and came over in the separation. Rana formed the Financial Partners group in 2007.

Action Item: Check out Napier Park’s Form ADV here: http://bit.ly/2wtc2b1

Photo courtesy of EmirMemedovski/E+/Getty Images