Clearhaven Partners LP – a Boston-based software private equity firm – recently announced the closing of its sophomore fund Clearhaven Fund II, L.P. at more than $580 million of capital commitments. Fund II has closed above target and at its hard cap. And Clearhaven closed Fund II approximately two years following the closing of its debut fund. Clearhaven pursues investments in growing lower middle market software and technology companies with revenues of about $20 million to $100 million.
Fund II’s limited partner commitments come mostly from continuing investors from the firm’s inaugural first fund as well as several new investor relationships. And investors in Clearhaven’s funds come from a diversified institutional investor base including leading endowments and foundations, pension funds, insurance companies, family offices, funds-of-funds, and industry executives such as software executives of companies with which Clearhaven professionals were previously involved.
Clearhaven launched in 2019 by Michelle Noon, Founder and Managing Partner, following nearly 20 years of experience as a software private equity investor. And Clearhaven closed on its inaugural fund at $312 million in 2021 amid the pandemic. The investment team is co-led by Michelle Noon and Chris Ryan, a Managing Partner and experienced technology investor. Clearhaven’s Boston-based team is comprised of experienced technology investors and operators, including Operating Partner and Co-Founder Kevin Wood.
Clearhaven completed 11 transactions since inception, all of which fit squarely into the firm’s thematic areas of focus and intended active partnership with company management. And Clearhaven’s current portfolio companies include customer engagement software company Engageware; mission-critical video infrastructure software company Wowza; digital asset management software provider PhotoShelter; personalized video communications SaaS provider SundaySky; and cloud voice communications software company Avoxi; and digital signage and workplace experience software provider Korbyt.
M2O Private Fund Advisors acted as placement agent to Clearhaven for Fund II and Kirkland & Ellis LLP acted as legal counsel
KEY QUOTES:
“We are truly grateful for the conviction and support exhibited by our continuing and new limited partners through their commitments to Clearhaven’s Fund II. Our firm was founded with principles of focus, humility, and the integrity to do what we say we will do through calm or turbulent waters. Our investors recognize the values that drive our firm as we seek to deliver exceptional returns. Our mission has been clear and consistent since day one – to invest exclusively in growing software businesses who seek an operationally oriented partnership with our team, and to do so while maintaining an uncompromising set of shared values. This mission carries directly into Fund II.”
- Michelle Noon, Founder and Managing Partner
“Our Fund I portfolio represents the bullseye of Clearhaven’s software investment strategy. In Fund II, we look forward to continuing to identify similarly attractive companies who seek to partner with Clearhaven to achieve best in class software results.”
- Managing Partner Chris Ryan
