Firm: Stripes Group
Fund: SG Growth Partners III LP
Target: $500 million
Amount raised: $6 million
Stripes Group said it drew a $6 million commitments to Fund III from one investor, according to a Form D filing, which listed a June 26 date of first sale for the fund. Calls to the Stripes Group by Buyouts were not returned.
Stripes Group focuses on growth stage minority and majority investments in rapidly growing and profitable Internet, software-as-a-service, technology-enabled services and consumer products companies, according to its website. It targets founder-owned and operated companies with no prior institutional investors.
Among past LPs for Stripes Group, the University of Michigan Regents in 2012 approved a $15 million commitment to SG Growth Partners II. At the time, Stripes Group planned to invest in companies with a minimum of $15 million of revenue and $3 million of EBITDA, according to an investment memo to the regents. Stripes Group seeks to make investments of $10 million to $100 million, according to its website.
Kenneth Fox and Dan Marriott, Stripes Group managing partners, were described in the memo as “operationally oriented investors who help portfolio companies recruit managements, improve operational execution, develop growth strategies and source add-on acquisitions.” Prior to forming Stripes Group in 2003, Fox was a co-founder and managing director of Internet Capital Group and a co-founder of A10 Capital, as well as an executive at Safeguard Scientifics.
The Los Angeles Fire & Police Pensions OK’d a $10 million commitment to SG Growth Partners II in 2012.
Among the firm’s deals,Stripes Group and Accel Partners in July led a $61 million investment in Pond5, a media marketplace that competes with Shutterstock and Getty Images, in July.
Stripes Group invested $20 million last October for Refinery29, a lifestyle media content provider. Last year, the firm sold its stake in MyWebGrocer to HGGC for an undisclosed sum. Stripes Group completed a $13 million investment in the grocery store software and service provider in 2009.