Banneker Partners Announces Close of $350 Million Fund Focused on Enterprise Software Companies in The Lower Middle Market
Oversubscribed First Time Fund Closes at Hard Cap
San Francisco, California and Portland, Oregon - March 29th, 2021
Banneker Partners (“Banneker”) announced today it has closed Banneker Partners Fund I, L.P. with $350 million in committed capital from a broad group of institutional investors. The firm was targeting $250 million, with a hard cap of $350 million. With the new fund, Banneker will continue to focus on investing in enterprise software companies in the lower middle market and its strategy of driving growth through operational excellence and making targeted strategic acquisitions.
“We’re incredibly grateful to have been oversubscribed and honored to have the commitment of a broad group of well-respected investors,” said Stephen Davis, founder of Banneker. “Their support and partnership are a testimony to our consistent track record and approach to scaling software businesses to much greater heights.”
Over the three years prior to raising this inaugural dedicated fund, the Banneker team raised over $220 million in special purpose vehicles which was invested across four platform companies and a combined 18 strategic add-on acquisitions.
“We are very excited for the continued opportunity to work with founders and small software businesses that are looking accelerate their growth and build scale,” said Matt McDonald, Partner and founding team member. Banneker makes control investments and significant minority investments in companies with $5 million to $50 million in annual revenue.
About Banneker Partners
Banneker Partners invests in enterprise software companies that can reach greater heights and focuses on driving long-term sustainable value. The four partners at Banneker have over 90 years of software investing and operating experience among them and have worked with companies ranging from $1 million to over $1 billion in revenue.
For more information, please visit www.bannekerpartners.com.
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