Mainsail Partners Closes Fund V With $531 Million In Commitments

By Amit Chowdhry ● Mar 2, 2020
  • Mainsail Partners, a growth equity firm that invests exclusively in bootstrapped software companies, announced it reached its hard cap of $500 million for its fifth fund

Mainsail Partners — growth equity firm that invests exclusively in bootstrapped software companies — announced that it has reached its hard cap of $500 million for its fifth fund called Mainsail Partners V, L.P. — having raised $531 million in total, including general partner and executive fund commitments.

The majority of the capital was raised from existing investors and select new investors rounded out the fund. Including this fund, it brings the total amount of capital raised by the firm to more than $1.2 billion since it launched in 2003.

With this fund, the firm is intending to continue investing in fast-growing enterprise software companies in the range of $4 to $25 million of annual revenue.

The firm is known for taking an operational approach to investing by providing hands-on support to its portfolio companies. And at the core of this approach is Mainsail’s Operations Team — which is comprised of former software executives and operators dedicated to working with management teams to help drive growth and long-term profitability. And the team is organized around specific functional areas, or “Centers of Excellence” where software companies tend to need help, including talent, sales, marketing, customer success, finance, and product development.

Mainsail also recently expanded its team with 3 key new hires, including: Lynn Atkinson as the firm’s first Chief Operating Officer; Phil Stern as a Vice President to lead its Sales Center of Excellence; and Erica Curello as Vice President of Business Development.

Key Quotes:

“We appreciate the continued support of our returning investors and welcome our new investment partners into this fund. Our strategy with Fund V remains the same as it has been since we started Mainsail – partner with exceptional founders of bootstrapped companies and help drive sustainable growth. Maintaining a consistent strategy over the past 17 years has allowed us to build an organization that is specifically designed to help bootstrapped companies scale and succeed in the next phase of growth.”

“Closing Fund V at the hard cap is an exciting milestone for Mainsail. With this new capital, our firm intends to continue funding the next generation of software companies we believe can be industry leaders. In addition to raising the new fund, we have bolstered our team of over thirty investment and operations professionals whose experience and collaborative approach set Mainsail apart. We believe Mainsail is the ideal partner for founders and management teams who have bootstrapped their way to $5 or $10 million in annual revenue, but who want help scaling their business to $50 million and beyond.”

– Gavin Turner, Managing Partner at Mainsail