Tritium Partners (“Tritium”), a private equity firm investing in growth companies in the lower middle market, announced it held a final closing on its third fund, Tritium III, with $684 million of committed capital. The fund exceeded its target and represents a nearly 50% increase over Tritium’s 2019 second fund. Tritium III received broad support from existing investors, who in aggregate considerably increased their commitment levels in this fund, as well as from several new, substantial institutional investors. The fund’s investors include leading retirement systems, private pension plans, university endowments, foundations, diversified financial institutions and insurance companies. Tritium now manages nearly $1.5 billion of capital commitments across its funds.
For over 20 years, Tritium’s founders have invested in companies with exceptional growth potential in industries where the team has significant domain expertise. The firm’s investments will remain predominantly focused on internet marketplaces, supply chain and logistics, fintech and financial services, software, data and analytics, and tech-enabled business services companies. The team will continue its strategy of partnering with talented founders and executives who want to accelerate growth and build market-leading companies.
“We are extremely excited to have received such strong support from current Tritium investors and are proud of the new investors we have added,” said Philip Siegel, Managing Partner and Co-Founder of Tritium. “Tritium’s limited partners share our belief that growth-focused investing in the lower middle market offers opportunities for those willing to do the hard work required to scale businesses with great potential.”
The firm has completed 24 platform investments across Tritium I and II. Tritium has also completed its first three investments in Tritium III.
“Since closing our last fund, we have delivered substantial liquidity to our investors, grown our team and added several companies with exceptional potential to our portfolio,” said David Lack, Managing Partner and Co-Founder of Tritium. “We appreciate the confidence our investors have shown in us in this fundraise and are excited to continue our work for them.”
“Our approach is to bring growth-focused strategic and operational experience to help the technology and services companies we back be better positioned for future success,” said Matt Bowman, Managing Partner of Tritium. “Most importantly, we look forward to building strong partnerships and lasting relationships with founders and executive teams with this new fund.”
Weil, Gotshal & Manges LLP acted as legal counsel.
Source: Company Press Release