Tritium closes debut fund on $309m hard cap

Tritium I had an initial target of $250m and will seek investment opportunities in the lower middle market Internet and information services businesses, as well as supply chain and logistics and financial and business services sectors.

Tritium Partners has held a final close for its debut fund, Tritium I, on its hard cap of $309 million, the firm said.

The fund received capital from retirement systems, private pension plans, university endowments, foundations, diversified financial institutions and insurance companies, which meant it was oversubscribed and surpassed its $250 million target.

The Arizona Public Safety Personnel Retirement System committed $30 million to the fund and the Texas Municipal Retirement System $50 million. 

The fundraising began in 2014, according to PEI’s Research & Analytics division. It previously held a first close in May 2014 on $71.13 million.

Prior to the first close of Tritium I, the firm launched Tritium ATS Co-Investment Fund to execute its first transaction, according to a source close to the matter. It is a co-investment vehicle that Tritium principals manage on behalf of co-investors in that deal, the source told Private Equity International.

Tritium seeks buyouts of growing companies with $2 million to $15 million EBITDA in the lower mid-market in Internet and information services, supply chain and logistics, and financial and business services sectors. It seeks platform investments in North America and add-on acquisitions globally, according to the firm’s website.

Fund I has four companies in its portfolio, comprised of payments-risk information company Giact, intermodal transportation and logistics company RoadOne, cross-border ecommerce provider Global Access, and digital brand Fexy Media.

Credit Suisse was the exclusive placement agent and Weil, Gotshal & Manges was the legal counsel for the fund.

Tritium is based in Austin, Texas and manages $328 million in assets.