Silversmith Capital Partners, a Boston-based private equity and venture capital firm, has raised $670 million for its second fund, Silversmith Capital Partners II, L.P.
The firm hit its target and hard cap for its oversubscribed sophomore fund in just over three months. Silversmith Capital Partners II LP will target growth companies across North America in the software as a service and information services space, as well as the health care information technology and services industry.
The new fund, which began fundraising in November of last year, lists existing limited partners including endowments, foundations, funds of funds and pension funds, along with a small number of new investors. Silversmith added that over 25 Chief Executive Officers, founders and industry executives invested in the fund.
“We are grateful for the continued support of our existing limited partners and are excited to add a select group of endowments and foundations,” said Jim Quagliaroli, a Managing Partner at Silversmith Capital. “We look forward to continuing our long track record of supporting founder-led growth businesses across our core areas of expertise.”
Silversmith was founded in 2015 by a team of professionals with over 45 years of collective growth equity investing experience. The firm, which has $1.1 billion of capital under management, targets investments between $15 million to $75 million per company. Investments include ActiveCampaign, Centauri Health Solutions, Digital Map Products, Impact Radius, Nordic Consulting Partners and Partners Surgical. Founders Jeff Crisan, Todd MacLean, Jim Quagliaroli and Lori Whelan serve on the board of numerous companies including Liazon, SurveyMonkey, Ability Network, MedHOK, Liberty Dialysis, Net Health and Dealer.com.
In August 2015, the two-year-old Northeastern private equity firm closed its first fund at $460 million. The predecessor fund targeted the same two core trade verticals.
Monument Group served as the exclusive placement agent while Proskauer Rose LLP provided fund formation counsel.