Equity firm Kennet’s $250m war chest for software companies
KENNET Partners has raised $250m (£200m) for a new fund to invest in “bootstrapped” software companies in a bid to accelerate the shift to bringing services online during the pandemic.
The London-headquartered private equity firm, which has $1bn of funds under management, raised the investment for its fifth fund in partnership with Edmond de Rothschild, the Swiss private banking firm.
The fund, which exceeded its target size amid strong demand from investors in Europe and Asia, will focus on software companies riding a wave during “times of profound change”.
Hillel Zidel, managing director at Kennet Partners, claimed the crisis has created “strong longer-term opportunities” for software firms, amid a shakeup in the way people go about business.
A number of private investors have seen the pandemic as an opportunity to swoop on start-ups bringing transformation to the economy, with the likes of venture capital firm Hoxton Ventures announcing a $100m fund last month to back firms in Europe.