Presidio and Kline Hill completes continuation fund for ElevATE

The Presidio-managed continuation vehicle acquired a controlling interest in ElevATE from Presidio Investors Fund II and other shareholders.

  • The transaction was led by Kline Hill Partners and supported by investors, which include limited partners in Presidio Investors Fund II
  • Credit Suisse Private Fund Group served as financial advisor on the continuation fund
  • Based in Austin, Presidio targets the lower middle market

Presidio Investors and Kline Hill Partners have closed its continuation fund in connection with the acquisition of ElevATE Semiconductor, a San Diego-based chip designer for semiconductor automated test equipment.

The Presidio-managed continuation vehicle acquired a controlling interest in ElevATE from Presidio Investors Fund II and other shareholders.

The transaction was led by Kline Hill Partners and supported by investors, which include limited partners in Presidio Investors Fund II.

“The closing of our first continuation fund is an important milestone for Presidio and ElevATE,” said Presidio Managing Partner Christian Puscasiu, in a statement. “We’re excited to be able to add a cadre of new, high-quality investors led by Kline Hill to continue the development of ElevATE. Having built a strong foundation over the past four years, ElevATE is poised to accelerate its growth path and bring innovation to this important part of the semiconductor production supply chain.”

Credit Suisse Private Fund Group served as financial advisor on the continuation fund while K&L Gates LLP provided legal counsel to Presidio. Stephenson Harwood LLP provided legal counsel to Kline Hill.

Based in Austin, Presidio targets the lower middle market.

Founded in 2015, Kline Hill Partners is focused on the private equity secondary market and has over $3 billion in assets under management.