Firm: Stripes Group
Fund: SG Growth Partners III LP
Target: $500 million
Amount raised: $500 million
Legal counsel: Weil, Gotshal & Manges LLP
Stripes Group managed to double the size of its predecessor fund, the 2010 vintage SG Growth Partners II LP, which raised $250 million
Dan Marriott, managing partner of Stripes Group, declined to comment on the status of the fund when reached by phone in the firm’s New York office.
Stripes Group confirmed that it met its target and hard cap and closed the fund, according to a prepared statement on Sept. 3. The fundraise brings the firm’s total assets under management to $1.2 billion.
Stripes Group indicated on Aug. 29 in a Form D amendment that it raised $500 million from 44 investors. The figure in the filing for “total remaining to be sold” is zero. The date of first sale is listed as June 26.
A growth equity and buyout specialist, Stripes Group seeks to make investments of $10 million to $100 million in the software-as-a-service and branded consumer products sectors, mostly in the United States and Europe.
Stripes Group invested $20 million last October in 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 services provider in 2009 and made about 3x on the deal to reward investors and stoke interest in SG Growth Partners III, according to a separate source familiar with the firm..
Other investments include GrubHub Seamless, Elance-oDesk and Blue Apron; also SmartWool, Turtle Beach and Stella & Chewys.
Past LPs in Stripes Group funds included the University of Michigan Regents and the Los Angeles Fire & Police Pensions.
Update: This story, originally published on Sept 3, has been updated to include a return multiple on the MyWebGrocer deal.