New York based asset management firm KKR has raised $711m for their new growth equity technology fund. The fund, entitled Next Generation Technology Growth Fund, will aim to make deals in the $100m range.
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KKR raises $711m for new fund
The fund will be doing deals for tech companies in the “scaling” stage. Meaning, their technology is proven and they’re already disrupting legacy competitors. “The goal is simple: enterprise building,” Welsh says. KKR will occasionally use a small amount of debt in these deals. The fund has already done four deals: data analytics company Optimal+, travel booking site GetyourGuide, data integration startup Jitterbit and cybersecurity company Darktrace. Several of KKR’s best-known startup deals – Cylance, Magic Leap, Fanduel – were done outside of the fund. KKR’s selling point to startups is its network of portfolio companies. For example, KKR helped GoDaddy GDDY 1.58% , which made two acquisitions this week, identify M&A targets and expand internationally.
