Equity firm Ken­net’s $250m war chest for soft­ware com­pa­nies

The Daily Telegraph - Business - - Technology Intelligen­ce - Hasan Chowd­hury By

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.

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