Crosspoint Capital Partners LP Raises $1.3 Billion for Debut Private Equity Fund focused on Cybersecurity, Privacy and Infrastructure Software
Crosspoint’s Fund I is one of the largest first-time, technology-focused PE funds ever raised
Crosspoint’s differentiated approach to private equity combines deep sector expertise with highly experienced operators and investors
MENLO PARK, Calif. and BOSTON, April 13, 2021 /PRNewswire/ — Today Crosspoint Capital Partners LP (“Crosspoint”) announced the closing of Crosspoint Capital Fund I (“Fund I”), an investment fund focused on the cybersecurity, privacy and infrastructure software sectors. Fund I closed at $1.3 billion, exceeding its target of $1 billion and making it one of the largest first-time, technology-focused private equity funds ever raised1. Managing Partners of the firm include Greg Clark, Ian Loring, Steve Luczo, Matt MacKenzie and Hugh Thompson.
“Private equity is an exceedingly competitive industry and simply having capital is no longer a source of differentiation. We are pursuing a new and differentiated model for private equity investing that combines deep sector knowledge, operational capabilities and investment expertise to build better businesses.” said Greg Clark, Managing Partner of Crosspoint. “Our unique skillsets give us deep insights into what we are buying, help us identify opportunities to create value and partner with management teams to accelerate the innovation, growth and profitability of our investments.”
“We are thrilled with the support we received from the LP community, especially against the backdrop of the global COVID-19 pandemic, which has depressed fundraising for many first-time private equity funds,” said Ian Loring, Managing Partner of Crosspoint. “Our Fund I limited partners include some of the most respected investors in the private equity industry, which speaks both to their conviction in our mission-driven focus to help build great businesses and to the incredible team we have assembled.”
“Crosspoint’s strategy of combining investors, operators and sector experts among the leadership of the firm and investing in a concentrated portfolio within a large and growing sector of the broader technology market has been well received by the investor community,” said Sean Keene, Partner at PJT Park Hill. “We are increasingly seeing investors seek differentiated returns through sector-focused private equity firms like Crosspoint.”
Crosspoint expects to have a concentrated portfolio of investments in Fund I given the firm’s focus on operations and value creation post-investment. Crosspoint made its first significant investment in Forescout Technologies, Inc., a cybersecurity company focused on providing an active defense for the enterprise of things. Crosspoint intends to focus on several transaction archetypes in Fund I, including control buyouts, minority growth equity investments, corporate carve-outs and structured investment opportunities.
About Crosspoint Capital Partners
Crosspoint Capital Partners is a private equity investment firm focused on the cybersecurity, privacy and infrastructure software markets. Crosspoint has assembled a group of highly successful operators, investors and sector experts to partner with foundational technology companies and drive differentiated returns. Crosspoint has offices in Menlo Park, CA and Boston, MA. For more information visit: crosspointcapital.com.
A special thanks:
We would like to thank the entire Crosspoint team who worked tirelessly through the pandemic to launch the firm. We would also like to thank our limited partners who have invested with us, as well as PJT Park Hill, which served as our placement agent, and Ropes & Gray LLP, which served as our legal advisor for Fund I.
For media inquiries, please contact:
Prosek Partners
Caroline Gibson / Katherine Segura
(646) 818-9222 / (973) 908-4463
pro-crosspoint@prosek.com
This press release contains forward-looking statements and information, which are subject to a number of risks and uncertainties and should not be relied upon as predictors of future results. This press release is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by Crosspoint or any of the securities of any company discussed. PJT Park Hill received compensation from Crosspoint for its services as placement agent. For additional important disclaimers regarding this press release, please see the Terms of Use for Crosspoint’s website, available at crosspointcapital.com/terms-of-use.
1 Preqin, North America Buyout and Growth Private Equity Funds (2021)