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Wavecrest amasses $290m for second fund

Wavecrest Growth Partners has closed its second fund at a hard cap of $290 million.

Wavecrest Growth Partners has closed its second fund at a hard cap of $290 million. Fund II’s limited partners include endowments, insurance companies, fund of funds, family offices and pension funds. Gunderson Dettmer served as legal counsel to the fund. The Boston-based growth equity firm invests in B2B tech companies.

PRESS RELEASE

BOSTON–(BUSINESS WIRE)–Wavecrest Growth Partners (Wavecrest) today announced the close of its second fund, Fund II, at its hard cap with $290 million in capital commitments. The fund was significantly oversubscribed. The fund received strong support from its existing investor base of leading endowments, insurance companies, fund of funds, family offices, and pension funds, as well as several new institutional investors. More than 30 current and former portfolio CEOs and Operating Advisors of Wavecrest also invested in the fund.

“We are grateful for the confidence that existing and new investors have placed in us, including the number of portfolio CEOs and Operating Advisors who committed to our second fund,” commented Deepak Sindwani, Co-Founder and Managing Partner. “Our strategy remains consistent with our first fund – helping capital-efficient B2B technology entrepreneurs in North America and Western Europe scale and reach their maximum potential through a collaborative and interactive partnership approach.”

“We are humbled by the trust our founders/CEOs and their management teams have placed in us by choosing to partner with Wavecrest while we invested our inaugural fund. Their partnership and hard work, which resulted in the portfolio delivering healthy double-digit topline growth even during the period of COVID-19 disruption, is key to our continued success,” said Vaibhav Nalwaya, Co-Founder and Managing Partner. “We will continue to take a disciplined and consistent approach in investing Fund II and continue to partner with like-minded founders and CEOs.”

Wavecrest continued to invest opportunistically throughout the pandemic, completing four new investments and eight tuck-in acquisitions in the last 12 months. As a result, Wavecrest’s inaugural fund, Fund I, has now invested in nine growth-stage companies to date, including companies such as Building Engines, Tier 1 Financial Solutions, SpinCar, Big Time Software, Volante Technologies, and MikMak. The firm also has grown to 13 professionals, including Colin Doherty, who joined as Growth Partner in 2020. Doherty works actively with Wavecrest’s portfolio company management teams to accelerate go-to-market strategies, build greater operational efficiencies, and augment leadership teams to help them drive sustainable growth and value creation.

Gunderson Dettmer served as legal counsel to the fund.

ABOUT WAVECREST GROWTH PARTNERS
Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest’s team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com.