Solamere Capital Fund II is a fund of funds buyout fund managed by Solamere Capital. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. PR Newswire, SAN FRANCISCO and NEW YORK, April 25, 2023, Strategy pairs strong investing acumen with deep operating expertise to build durable, industry-leading software businesses with accelerated and responsible growth, Operating model supported by network of proven and highly respected executives from leading enterprise software businesses, ServiceNow will serve as a strategic partner and an anchor investor in Smith Point Capital Fund I. SAN FRANCISCO and NEW YORK, April 25, 2023 /PRNewswire/ -- Smith Point Capital, LLC ("Smith Point"), an operator-led enterprise software venture investment firm, today announced the launch of the firm and the first closing of its inaugural fund, Smith Point Capital Fund I. Smith Point Capital was founded by CEO Keith Block, former Co-CEO of Salesforce, together with Burke Norton and Chris Lytle, long-time software industry executives and investors. Founders Eric Scheuermann, Mitt Romney, Spencer Zwick. Solamere has a committed capital . | Contact 2023 PitchBook. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. The firm's approach focuses on collaborating with, and investing in, the most innovative software businesses to implement proven, best-in-class revenue growth, innovation, and operational strategies to dramatically accelerate financial and market success. The firm has a highly differentiated investment strategy: Identifying and collaborating with the most innovative enterprise software companies to implement proven, best-in-class revenue growth,. With the accelerating pace of digital transformation, the increasingly mission-critical nature of software across all industries and geographies, and the dramatic reset in valuations, the Smith Point team believes the firm's launch could not come at a more promising moment to invest in, and help build, durable, industry-leading enterprise software businesses. Mr. Norton was previously a technology industry securities lawyer and was a partner at Wilson Sonsini. Copyright 2001-2023. for our business and their vision for this industry. including the Amazon Echo and the Nest Learning Thermostat. solicitation or sale would be unlawful prior to registration or Home Smith Point Capital Launches and Holds First Closing of Inaugural Fund, REAL TIME VC & PRIVATE EQUITY DEALS AND NEWS. the U.S. and Canada. Solamere Capital, a Boston-based private equity firm formerly chaired by Mitt Romney, has raised $910 million for its fourth flagship fund, according to Axios.Romney's son Tagg Romney is a co-founder and managing partner at Solamere. Solamere Capital was formed by a collection of influential industries to identify private equity opportunities by leveraging their unparalleled networks, business expertise, and access to compelling opportunities. About Our Private Equity Investor Database. Active, Closed, This describes the type of investor this organization is (e.g. and services, Vivint serves more than one million customers throughout A critical element of the firm's strategy includes the Smith Point Precision Advisory Network, which is comprised of industry-leading senior executives currently operating at many of the most innovative software companies in the world. Strategic network that can add value to management team's growth plans. integrated leading smart home products into its Vivint Sky platform, All rights reserved. If we are missing a portfolio company, please let us know. Smith Point's co-founders include software industry veterans Burke. Act of 1933, as amended, and may not be offered or sold in the United Angel, Fund of Funds, Venture Capital), Whether an Organization is for profit or non-profit, General contact email for the organization, Edit Lists Featuring This Company Section, Mitt Romney's firm returns with third fund, New England Investors with Funds Raised in 2014, East Coast Investors with Funds Raised in 2018. Ryan will join Solamere Capital, a private equity firm founded by Utah Sen. Mitt Romneys son Taggart, as well as Eric Scheuermann and Spencer Zwick, as a partner. Smith Point Capital, a San Francisco, CA and NYC-based operator-led enterprise software venture investment firm, launched the firm and held the first closing of its inaugural fund, Smith Point Capital Fund I. ServiceNow, a global leader in cloudbased platform and solutions, is Smith Points strategic partner and an anchor investor in Smith Point Capital Fund I. Prior to Longfellow, he served in various senior executive roles with enterprise software companies and as a Managing Director at Morgan Stanley leading RCL Capital. Phone Number +1 857 362 9205. Why do prospects want to do business with the firm? They like partnering with us given our strategic LP base and flexible approach. GCI Publishing 2016-2023. All rights reserved. Here's a list of some of the top trending technologies and APIs used by Solamere Capital. The firm looks to partner and invest in growing founder and family-led businesses with EBITDA greater than $7 million. No fund closings have been recorded for this company. The team's expertise spans the most important attributes of enterprise software business success, including product innovation, go-to-market and ecosystem strategies, leadership and talent, customer success, and platform differentiation. For more information, visit:www.solameregroup.com. headed, said Todd Pedersen, founder and CEO of Vivint Smart Home. We look forward to Under the leadership of Tagg, Eric, and Spencer, the firm continues to be active in making both direct investments in operating companies as well as partnering with other private equity and venture capital investors. Smith Point will extend its own operating expertise by leveraging the experience and professional networks of the members of its Precision Advisory Network to foster impactful relationships with the management teams of Smith Point portfolio companies in order to accelerate responsible growth. securities in any state or jurisdiction in which such an offer, The Boston, MA-based company plans to raise $300 million by offering 12 million units, which the company calls CAPS (Capital which Aligns and Partners with a Sponsor), at $25. Copyright 2023 MarketWatch, Inc. All rights reserved. (40 families/$240m AUM in 2009 to 130 families/$2b AUM today) with top quartile performance. Firm Inception:2008Number of Active Portfolio Investments:31Number of Realized Investments:25Investment Range:$30 - $60MCurrent Fund:Fund IIICurrent Fund Size:$650M, Leadership:Tagg Romney Co-Founder & Managing PartnerEric Scheuermann Co-Founder & Managing PartnerSpencer Zwick Co-Founder & Managing PartnerScott Hutchins PartnerPaul Ryan PartnerVaibhav Saraiya Partner, Team Members:24Primary Address:137 Newbury Street, 7th Floor, Boston, MA 02116Website:solamerecapital.comPhone Number:857-362-9213Which best describes the firm? Find top employees, contact details and business statistics at RocketReach. Solamere Capital was the main sponsor of Mr. Ryan's SPAC, Executive Network Partnering Corp. 7th Floor. Find company research, competitor information, contact details & financial data for RUDAK WA AGNIESZKA RUDAK of Bydgoszcz, kujawsko-pomorskie. Is there a problem with this press release? A critical element of the firms strategy includes the Smith Point Precision Advisory Network, which is comprised of senior executives currently operating at many of the most innovative software companies in the world. Prior to Salesforce, he served as Executive Vice President of North America at Oracle. Size of target portfolio companies. Thiel is known for backing transformational technology companies. combines innovative products and services to offer homeowners the best Mr. Norton was previously a technology industry securities lawyer and was a partner at Wilson Sonsini. storage and an array of sensors. Solamere consists of a collection of Business Services, Consumer Growth, Industrial Growth. strategic investment will help fuel Vivints rapid growth and product The firm targets both majority and minority deals in the middle market, with investments ranging from $20 million to $80 million or more. Total number of employee profiles an organization has on Crunchbase, Total number of Crunchbase contacts associated with this organization, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. Find company research, competitor information, contact details & financial data for Solamere Capital, LLC of Boston, MA. In 2008, Solamere set out to raise $200 million, and by May 2009 it had attracted $186 million from 39 investors, according to Securities and Exchange Commission records. The firm believes that the combination of software investing acumen and operating expertise makes Smith Point Capital uniquely qualified to address the needs of software companies operating in today's challenging environment. In addition, Smith Point's Managing Directors each have decades of experience building enterprise software businesses, fueling innovation, and implementing proven operational strategies to dramatically grow and scale some of the world's leading enterprise software companies. Visit a quote page and your recently viewed tickers will be displayed here. This PE firm profile is powered by VentureDeal.com, a leading supplier of private equity firm tech funding data. Additional investors which participated in the first closing include the advisory clients of the Hillman Company, Solamere Capital, and investorDavid A. Tepperamong other institutions and individuals. Attributes:Solamere has a unique history with backing from families represented by CEOs, former CEOs and owner-operators of mid to large cap businesses. "Over the course of my career, I've seen the power of putting the right investment together with the right operational expertise to accelerate growth and build industry-leading businesses," said Keith Block, Founder and CEO of Smith Point. Boston, MA 02116. Smith Point has set a hard cap for investor commitments of$400Mfor Fund I. Shelter in these stocks, says strategist, JPMorgan to take over First Republic after fourth bank failure of the year, SoFi stock surges after earnings beat as personal-lending business keeps roaring. 137 Newbury St Fl 7, Boston, Massachusetts, 02116, United States, Solamere provides a vehicle that aims to enable CEOs and industry leaders to pool both their capital and their networks to source and add value to private investment opportunities. Differentiated Enterprise Software Investment Strategy. home market. Together with an incredible team of industry luminaries, we are bringing our operator-led investment approach to enterprise software investing.". The fund is located in Boston, Massachusetts. jurisdiction. The shares of equity securities offered in the private placement have :Traditional | LP FundedIndustry focus: Firm History, Firm Growth, Unique Firm Strategy, Performance. Smith Point has set a hard cap for investor commitments of$400Mfor Fund I. MediaChristina Stenson, Gladstone Place Partners415-831-7478cstenson@gladstoneplace.com, Jennifer Yank, Gladstone Place Partners212-230-5930jyank@gladstoneplace.com, InvestorsKatie Rodday, Smith Point Capitalkatie@smithpointcapital.com, View original content to download multimedia:https://www.prnewswire.com/news-releases/former-salesforce-co-ceo-keith-block-launches-enterprise-software-investment-firm-smith-point-capital-llc-301806772.html, COMTEX_430129375/2454/2023-04-25T09:00:28. Sign up with your email address to receive news and updates. Dollar amounts are for the entire raise, which may include other investors. Description. The MarketWatch News Department was not involved in the creation of this content. The fund targets to invest in commercial products, consumer durables, TMT and communications and networking sectors. Solamere Capital has invested in only one tech company, according to our database records. It works directly with these founders in a multi-family office capacity, providing superior service and a diversified mix of top-tier. To explore Solamere Capital Fund IIIs full profile, request access. Why do intermediaries present opportunities and want to conduct transactions with the firm? Lists of Venture Capital and Private Equity Firms. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Additional investors which participated in the first closing of Smith Point Capital Fund I include the advisory clients of the Hillman Company, Solamere Capital, and investor David A. Tepper among other institutions and individuals. ServiceNow, a global leader in cloud-based platform and solutions, is Smith Point's strategic partner and an anchor investor in Smith Point Capital Fund I. Smith Point Capital, LLC, a San Francisco, CA and NYC-based operator-led enterprise software venture investment firm, launched the firm and held the first closing of its inaugural fund, Smith Point Capital Fund I. ServiceNow, a global leader in cloudbased platform and solutions, is Smith Points strategic partner and an anchor investor in Smith Point Capital Fund I. All Rights Reserved. Dedicated to redefining the home experience with intelligent products 2023 PitchBook. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Overview Number of Portfolio Companies 1 Number of Exits 1 Primary Job Title Co-Founder and Managing Partner Primary Organization Solamere Capital Location Boston, Massachusetts, United States Regions Greater Boston Area, East Coast, New England Gender Male Investor Type Investment Partner, Individual/Angel Number of Exits 1 Prior to Salesforce, he served as Executive Vice President ofNorth Americaat Oracle. Read the Full Story by Signing In or Sign Up States absent registration or an applicable exemption from registration "Keith and the Smith Point team have an exceptional track record of success in the software industry," said ServiceNow Chairman and CEO Bill McDermott. Mr. Lytle has more than 25 years of experience in technology investing and management, last serving as President of Longfellow Capital. Mr. Norton was most recently Senior Managing Director at Vista Equity Partners, where he was co-head of Vistas Perennial Capital Fund, and was previously a senior executive and a member of the Executive Committee at Salesforce. Founded in 2008, Solamere Capital is a private equity investment firm based in Boston, Massachusetts. Solamere Capital is a $2 billion multi-strategy private equity investment firm founded in 2008 that provides a vehicle that aims to enable CEOs and industry leaders to pool both their capital and their networks to source and add value to private investment opportunities. And H.I.G., in turn, is one of the largest partners, with nearly $10 billion of equity capital, of Solamere Capital, the investment fund founded and run by Tagg Romney (pictured), Mitt's.
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