Cohere Capital Makes $215M Fund II Close, Receives TPG Investment

Boston-based private equity firm Cohere Capital Partners closed on over $215M in capital commitments for the second vintage of its flagship middle market buyout series, while also bagging a minority investment from TPG NEXT.

Cohere Capital Fund II surpassed fundraising for its predecessor, which closed at $200M in 2020. The fund series targets investments in technology-enabled lower-middle market businesses, and has backed a portfolio of companies across the IT services, cloud consulting, digital advertising and marketing, e-commerce, and consumer engagement and loyalty services sectors. Among Fund II’s investors is Massachusetts PRIM, which allocated $20M to the buyout, as reported by Dakota on November 12.

Alongside the fund’s closing, Cohere additionally received a strategic minority investment from TPG NEXT, a strategy launched by TPG through an anchor commitment from California Public Employees' Retirement Systems last year which aims to seed next-generation alternatives asset managers. The deal will provide Cohere access to TPG’s extensive network and resource ecosystem, as well as operational and investment expertise.

Written By: Dakota

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