Francisco Partners (FP) announced the final closing of FP Credit Partners III, L.P., a $3.3 billion opportunistic credit fund. This Fund follows FP Credit Partners II, L.P., a $2.2 billion predecessor fund. It was oversubscribed and exceeded the target fund size of $2.3 billion.
Consistent with the prior two funds, FP Credit Partners III will seek to utilize the broader FP platform’s deep sectoral expertise and invest in various structures ranging from traditional credit financings to flexible capital solutions.
Through its credit platform, FP partnered with a diverse list of companies that includes Zotec Partners, a provider of comprehensive RCM solutions for hospital and office-based physician practices, Zocdoc, a leader in online healthcare discovery and appointment booking, Eventbrite, a self-service event ticketing and experience technology platform, and many others.
Francisco Partners’ limited partners include new and existing investors across North and South America, Europe, Asia, and the Middle East and includes public and corporate pension funds, foundations, endowments, insurance companies, sovereign wealth funds and family offices.
Kirkland & Ellis LLP served as legal advisor on FP Credit Partners III.
KEY QUOTES:
“Since we launched our credit business in 2018, FP Credit has been a partner of choice for technology-driven businesses seeking growth and strategic financing solutions. Our differentiated and flexible approach to each situation allows us to creatively structure credit and hybrid capital designed to meet the specific needs of companies. Our team prides itself as a “one-stop” destination focused on partnership capital that aligns with the goals and expectations of existing management and owners. As the demand for our form of capital grows, we look forward to partnering with more innovative and important companies.”
– Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners
“Taking a ‘one firm’ approach and incorporating credit and structuring expertise alongside our private equity platform has broadened Francisco Partners’ reach in the technology ecosystem. With FP Credit Partners III, we are excited to continue to invest opportunistically and support businesses across our credit strategies. We greatly appreciate the trust and support of our new and long-term limited partners. We know that with each new fund commitment we must prove ourselves again, and we will work tirelessly to effectively deploy this capital.”
– Dipanjan “DJ” Deb, Co-Founder and CEO of Francisco Partners
