Trident Spears $400M Fund VI

Trident Capital will start investing its sixth fund this week, and is particularly interested in Chinese-based outsourcing companies.

The firm officially closed on Fund VI last week with $400 million in commitments, about half the original size of its preceding fund.

Trident mostly stayed with returning investors in raising the fund, though the firm declined to name names.

An SEC filing lists Amsterdam-based Stichting Pensioenfonds ABP as an LP. Limited partners in past Trident funds include Sitra; subsidiaries of NIB Capital NV and General Motors Corp.; Liberty Mutual Group; Northrop Grumman Corp.; Abbott Capital Management on behalf of institutional clients; Thomas Weisel Partners; Massachusetts Pension Reserves Investment Management Board; Princeton University, and individuals.

The firm invests in a variety of tech sectors, including security, ecommerce, business process outsourcing and health care IT services, among others.

One investment sector that the firm finds increasingly interesting is innovation management, says Venetia Kontogouris, a managing director with Trident. Kontogouris, a BPO specialist, says that the firm is considering investments in Chinese BPO companies.

Robert McCormack Jr., a venture partner with the firm, has been working in Shanghai since last fall exploring BPO opportunities.

Trident’s previous fund, Trident Capital Fund V, initially raised $730 million in 2001 but the firm cut that down to $530 million. Fund VI has retained the same fee and carry structure of its previous fund, a 25% carry rate with a management fee of 2.5% for the first five years with a reduction afterwards. Fund VI brings the firm’s capital under management to $1.5 billion.