Luminate Capital Partners has raised its initial fund with more $265 million in capital. The firm was founded by former Silver Lake Partners managing director Hollie Haynes, who is one of The Most Influential Women in Mid-Market M&A. The fund has already invested in a few companies, including Oversight Systems and Financial-Information Technologies, and sold one, Professional Datasolutions Inc. (PDI).

Based in San Francisco, Luminate is focused on acquiring midmarket software companies—those with $10 million to $50 million in annual revenues—from the founders or early venture capital investors or in carve-out deals. The firm is interested in U.S. providers of business-to-business, enterprise software with an established product, a happy customer base, a market leadership position, a management team to partner with and the potential to grow 10 percent to 30 percent annually, along with certain software industry financial metrics. “Market growth and opportunity matters, because you’ve got to have enough wiggle room to get some things wrong along the way to try to grow the business,” Haynes says.

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