Luminate Capital Partners has closed Luminate Capital Partners III LP with $1 billion of committed capital from a broad group of global institutional investors. The oversubscribed fund closed at its hard cap and above its $700 million target, bringing the firm’s total assets under management to $1.7 billion.
Luminate has built a portfolio of enterprise software companies, most recently adding Axonify, a provider of frontline employee training software. The firm has completed a number of exits and recapitalizations in the past year, including the recapitalization of Oversight Systems with TCV, the recapitalization of StarCompliance with Marlin Equity, the recapitalization of Conexiom with Iconiq Capital, the sale of Comply365 to Liberty Hall Capital, and the sale of AMTdirect to MRI Software.
Luminate founder and managing partner Hollie Haynes said, “As we have built Luminate over the past six years, we have focused solely on growth-oriented market leaders in enterprise software. We work with management teams to build scale and extend market leadership. We are excited to continue to execute on this strategy and are fortunate to have a strong and dynamic team of investment professionals and operating advisors who are integral to our success.”
Fund III includes a investor base of endowments, foundations, public and corporate pensions, asset management firms, and family offices. Moelis & Co. LLC served as placement agent and Kirkland & Ellis LLP provided legal counsel for Luminate.