Pamplona closes $1bn tech fund

The firm has launched its first sector specific vehicle that will invest in high-growth companies.

New York and London-based Pamplona Capital Management has closed its first technology focused fund on $1 billion as the manager continues to become more sector specialised.

The close of Pamplona TMT Fund I, which will target high growth companies in sectors including cloud computing and software as a service, mobile platforms, and industrial technologies, was accompanied by the appointment of two additional partners to co-manage the fund.

Darren Battistoni joins from Welsh, Carson, Anderson & Stowe where he worked on the technology team for 11 years, while Hiren Mankodi joins from Audax Group, where he spent 12 years working on technology-related transactions.

The appointment of Battistoni and Mankodi follows that of Justin Perrault in December, who joined the firm as a partner from Commonwealth Capital Ventures with a mandate to invest in technology businesses.

The new fund will invest in 12-15 companies, looking at control and minority stakes, buyouts and recapitalisations, as well as roll-ups and consolidations, the firm said. It has completed its first transaction, a $50 million growth investment into New Hampshire-based internet performance management company Dyn.

The firm is also currently investing Pamplona Capital Partners IV, which raised $4 billion in 2014.

Pamplona is increasingly active in the healthcare space acquiring MedAssets, a healthcare supply chain management company with an enterprise value of $2.7 billion in November.

In January it hired Pedro Rapallo its first operating partner focused on Iberia to work alongside the deal team to drive opportunities, as previously reported by Private Equity International.