Alpine Investors – a Certified B Corp people-driven private equity firm committed to building enduring software and services companies – recently announced the completion of fundraising for Alpine Investors IX, reaching the fund’s hard cap of $4.5 billion in limited partner capital commitments.
The fundraising for Fund IX launched with a target of $3.75 billion and was oversubscribed. Fund IX is double the size of Alpine’s previous fund, Alpine Investors VIII, which was similarly oversubscribed and closed at its hard cap of $2.25 billion of limited partner commitments in August 2021.
Fund IX has received limited partner commitments from a diversified investor base of returning and new investors from the U.S., Europe, Asia, and the Middle East. And Alpine plans to invest the capital for Fund IX in control buyouts of software and services businesses with total enterprise values of up to $1 billion and focus on add-on acquisitions for high-performing platform investments.
Alpine has been active across its software and services specialties in recent years through buyouts and the launch of several prominent platforms. Notable investments from the last year include:
– The successful expansion of ASG, Alpine’s software business that buys vertical SaaS companies and builds them into market leaders, with more than 50 acquisitions since founded;
– The announcement of AlpineX’s professional education vertical, Axcel Learning, and its water services vertical Axia Water;
– The formation of predictis, a data-enabled software platform launched in conjunction with the acquisition of AirDNA
– The establishment of the Trilon Group, an engineering services platform, with 15 acquisitions, including Alta Planning + Design, a globally-renowned active mobility, and sustainability consulting firm;
– The acquisition of FEV Tutor, a K-12 market-leading research and evidence-based online tutoring platform;
– The acquisition of Medusind, a leading provider of revenue cycle management services to the healthcare industry; and
– The formation of Ascend, a platform that partners with entrepreneurial CPAs, by acquiring Opsahl Dawson.
Launched in 2001, Alpine Investors has over $15 billion in assets under management with over 20,000 employees within its portfolio companies. And the firm is known for its PeopleFirst operating philosophy and executive talent programs, which recruit and develop MBA graduates into CEOs and other executive-level roles. Originating with its CEO-in-Training and CEO-in-Residence programs, Alpine employs over 110 CEOs and executive-level roles within its portfolio companies through these talent programs.
KEY QUOTES:
“We are thrilled with this outcome, particularly in a very challenging fundraising environment. We started Alpine 22 years ago with the thesis that the secret to building companies was hiring and training world-class leaders. It is incredibly satisfying to think that treating people well and giving them opportunities to be their best selves at work has been the formula for our investing success. We’re extremely grateful to have a wonderful group of like-minded investors and partners who have supported us along the way, and we are excited to continue this amazing journey together with them.”
— Graham Weaver, Founder and CEO of Alpine Investors
“We are grateful for the continued partnership from so many long-standing investors in Alpine, and we are excited by the significant presence of new partners across the globe that chose to participate in Fund IX. The makeup of Fund IX is the most global of any of our funds to date, demonstrating our expanding reach, and the robust market interest we generated underscores the increasing awareness of our value proposition for investors.”
— April Smith, Head of Investor Relations and Fundraising, Alpine Investors
