FTV Capital Raises $4.05B Across Two Growth Equity Funds

Growth equity investor FTV Capital reported successfully closing on its eight flagship fund and a new vehicle dedicated to smaller investments, raising $4.05B across the two funds.

FTV VIII made an oversubscribed, $3.4B close, surpassing its predecessor fund, which closed in March 2022 after raising $2.35B. New vehicle FTV Ascend I was also oversubscribed, raising $651M. Both funds seek control and minority equity investments across the enterprise and financial technology space, with target investments for FTV VIII ranging from $60M to $300M and those for Ascend I from $20M to $60M. 

FTV VIII has made two investments so far – Orbus Software and Windward – with FTV saying additional investment announcements from both funds are in the offing. Kirkland & Ellis served as fund counsel, while Stifel Nicolaus unit Eaton Partners assisted in marketing the fund to investors outside of the US, according to the funds’ Form D filings with the SEC.

The $10.2B investment firm also announced updates to its leadership team. Partner Karen Derr Gilbert is taking on an expanded role with COO responsibilities; partners Mike Cichowski and Alex Malvone have been named co-heads of FTV Ascend; financial technology and services investments leader Brent Fiero has been promoted to partner, and CFO Paul Cabral was also promoted to partner.