California-based Carrick Capital partners has closed its second fund on $275 million. The fund will focus on growth equity investments in technology-enabled services businesses.
Fund two will follow the same strategy as the firm's debut fund, which closed on $180 million in 2012. However, the firm does plan to pursue slightly larger investments with the second vehicle.
“We believe that our approach of direct involvement in each company is a unique differentiator for Carrick and contributes significantly to positive economic outcomes in our portfolio,” explained Carrick Capital Partners Co-Founder and Managing Director Jim Madden.
Investors in the second fund represent a mix of new and old LPs, and institutional interest including pensions and endowments.
Carrick is also building the management team. In January, the firm promoted Alex Mason and Steve Unterberger to managing director. Mason was part of the founding team at Carrick, after joining the firm from Accel-KKR. He will be involved in all aspects of the firm's investment process.
Unterberger was previously the CTO at Carrick, and will now be focused on operational aspects of the business.