Parthenon closes Fund V on $848m

The fund initially targeted $850m and is slightly larger than its $700m predecessor vehicle.

Parthenon Capital Partners has closed its fifth fund, Parthenon Investors V, on $848 million, short of its $850 million target, according to the firm’s filing with the US Securities and Exchange Commission posted on Friday.

According to the filing, there are 40 investors in the fund, which received its first official commitment on 15 April. According to PEI Research & Analytics, Teachers’ Retirement System of the State of Illinois committed $100 million.

The fund’s predecessor, Parthenon Investors IV, was raised in 2012 and closed on $700 million, ahead of the $600 million target. The investor base of the fourth fund includes Illinois Teachers, which committed $35 million, Michigan Department of Treasury, which committed $40 million, Oregon Public Employees’ Retirement System, which committed $75 million and Oregon State Treasury, which committed $75 million, according to PEI Research & Analytics.

Fund of funds Pantheon Ventures, Portfolio Advisors and John D. and Catherine T. Macarthur Foundation were also limited partners in the fourth fund.

Parthenon invests in financial services, healthcare services and business services sectors, focusing on themes such as technology adoption or disruption, outsourcing, payments, data and analytics, increasing information and transparency and/or recurring revenue, according to its website.

Its current portfolio includes retail insurance broker Ascension Insurance, video-driven business intelligence solutions company Envysion and mortgage origination company loanDepot.

In January it sponsored a transaction involving a merger of Premier Healthcare Exchange, Stratose, GlobalCare and Pay-Plus Solutions for healthcare value management solutions.
Parthenon managing partner David Ament, who manages the fifth fund, did not respond to requests for comment.