Wavecrest Growth Partners held a final close of its first fund, Wavecrest Growth Partners I, at $190 million, nearly doubling its initial target of $100 million.
The fund will provide capital to growth B2B technology companies throughout the United States outside of Silicon Valley. Investment sizes range from $7 million to $30 million per company.
Institutional investors include fund-of-funds, public pension funds, endowments and foundations, family offices and insurance companies. Capital raised by the fund has been used to invest in three companies thus far: Tier1CRM, which provides CRM software to several large firms specialising in financial services; SpinCar, a tech software company that facilitates the purchasing of online vehicles; and Building Engines, which is a commercial real estate software company that allows property owners to manage their real estate more efficiently.
Troy Investment Associates was the placement agent for the fund.