Firms & Funds

Silversmith returns to market, targeting $650 mln for Fund II

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venture capital
Sailboat on the harbor in Boston, HQ city of Cambridge Associates. Photo courtesy DenisTangneyJr/iStock/Getty Images
  • Growth equity firm invests in technology, healthcare IT
  • Closed Fund I at hard cap of $460 mln in 2015
  • Founded by Bain Capital, Spectrum Equity execs

Silversmith Capital Partners is seeking $650 million for its second fund, an SEC filing shows.

The firm closed its first fund at the hard cap of $460 million in August 2015. That process took a little over three months.

Silversmith did not return a request for comment.

Placement agent Monument Group, which worked on the first fundraise, is also listed on the document for Silversmith Capital Partners II.

Based in Boston, Silversmith invests in two sectors, SaaS and information services and healthcare IT. The firm targets profitable, high-growth companies and typically commits $15 million to $50 million of equity, going higher in certain cases.

Silversmith was founded by two former managing directors of Bain Capital Ventures, Jeff Crisan and Todd MacLean, as well as Jim Quagliaroli, previously managing director at Spectrum Equity, and Lori Whelan, an ex-Bain & Co consultant.

At Silversmith, Crisan, MacLean and Quagliaroli are managing partners and Whelan is chief operating partner and CFO.

The firm recently partnered with Bain Capital Ventures to acquire Swift Prepaid Solutions, a provider of incentive and reward programs. Other recent deals include the add-on of Mexico Business Directory to platform company Digital Map Products, a $59 million commitment to cloud-based learning technology company Absorb Software, and the lead investment in a $40 million round for vacation-rental network RedAwning.com.

Action Item: Check out Silversmith Capital Partners II’s Form D filing here.

Sailboat on Boston Harbor. Photo courtesy DenisTangneyJr/iStock/Getty Images