Carrick Capital Partners has closed an oversubscribed single-asset continuation vehicle for identity security company Saviynt with approximately $600 million in capital commitments and made a new $255 million investment in the business.
The $255 million commitment represents the largest investment in Carrick’s history.
Coller Capital served as lead investor in the continuation vehicle, while HSBC Asset Management acted as co-lead investor. Carrick’s general partners also participated meaningfully in the new investment.
Existing Carrick limited partners were given the choice to roll their ownership into the continuation vehicle or realize an approximately 11x gross multiple and 10x net multiple on Carrick’s initial Saviynt investment.
Carrick’s new capital formed part of the final close of Saviynt’s Series B and helped finance a tender offer providing liquidity to employees.
Saviynt recently surpassed $300 million in annual recurring revenue, compared with approximately $10 million when Carrick originally invested.
The identity security company has also increased bookings by more than 80% this year while maintaining a 96% customer retention rate.
Saviynt’s broader Series B totaled $700 million and valued the company at approximately $3 billion.
Carrick had been Saviynt’s only institutional investor before the Series B and previously led its $35 million Series A.
Saviynt is now expanding around AI-era identity security through Zuma, its platform for discovering, protecting and governing AI agents, large language models and other non-human identities alongside employees.
The capital will support continued development of Saviynt Identity Cloud and Zuma, additional AI and agentic identity security capabilities and deeper integrations with hyperscalers, SaaS providers and global systems integrators.
KEY QUOTE:
“We are tripling down because we believe it will be the leader in unified identity.”
Chris Wenner, Managing Director At Carrick Capital Partners And Saviynt Board Member
