Rubicon Technology Partners is back in market with its third fund, targeting $850 million, according to a person with knowledge of the fundraising.
It’s not clear if Rubicon’s third fund has a cap. Park Hill Group is working as placement agent on the fundraising. No one from Rubicon returned comment requests.
Rubicon, formed in 2012, makes control equity investments of $30 million to $75 million in software companies with proven management teams. The firm closed its debut fund on $305 million in 2014, beating its $250 million target.
Rubicon raised at least $536.8 million for Fund II, according to an SEC filing in July 2017. It’s not clear how much the fund ultimately raised. Rubicon has offices in Menlo Park, Stamford, Connecticut, and Boulder, Colorado.
Fund II was generating a 27.7 percent internal rate of return and a 1.26x total value to paid-in multiple as of June 30, 2019, according to performance information from the Florida State Board of Administration. Fund I was producing a 20.3 percent IRR and a 1.73x multiple as of the same date, Florida SBA said.
Rubicon’s principal owners are John Hodge, Andrew Gesell and Steve Carpenter, according to the firm’s Form ADV. Hodge formerly was a senior managing director and senior advisor in Blackstone’s technology group. Gesell previously worked at Court Square Capital making technology and telecom investments. And Carpenter formerly worked at Ventyx, a division of ABB, where he was chief executive officer.
As of Dec. 31, 2018, Rubicon managed over $1 billion, the Form ADV said.
In September, Rubicon agreed to make a majority investment in Cin7, which provides cloud-based inventory management software and point-of-sale services.
Action Item: Check out Rubicon’s Form ADV here: https://bit.ly/2ZsiWMp