Accel-KKR
 | This article needs to be updated. (August 2016) |
 | |
| Private Ownership | |
| ISIN | 🆔 |
| Industry | Private Equity |
| Founded 📆 | 2000 |
| Founder 👔 | |
| Headquarters 🏙️ | Menlo Park, California, U.S. |
Area served 🗺️ | |
| 💎 AUM | US$14.6 billion (2022)[1] |
| Members | |
Number of employees | 75 (2022)[1] |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Accel-KKR is an American technology-focused private equity firm with over $14 billion in total assets under management. The firm invests primarily in middle-market software and technology-enabled services businesses, providing capital for buyouts and growth investments across a range of opportunities, including recapitalization, divisional carve-outs, and going-private transactions. The company has offices in Menlo Park, California, (headquarters), Atlanta, Georgia (opened in 2006), Mexico City (opened in 2018), and London (opened in 2013).
History[edit]
The firm was founded in February 2000 as a partnership between the venture capital firm Accel Partners and Kohlberg Kravis Roberts, one of the oldest and largest leveraged buyout firms.[2] Since the mid-2000s, the firm has operated independently of its original backers. Today the firm is run by co-managing partners Tom Barnds and Rob Palumbo, with headquarters in the San Francisco Bay Area.[3]
Accel-KKR’s second fund closed in 2006 with over $300 million in capital commitments[4] and its third fund closed in 2008 with $600 million, a third over its $450 million target.[5] In 2012, the firm closed its fourth fund with $750 million, exceeding its target of $700 million.[6]
In 2015, Accel-KKR raised $1.3 billion for its fifth buyout fund, including $100 million from the firm’s general partners, making it the largest general partner commitment to date. The fund also drew a third of its capital from outside the US.[7]
Since the firm’s inception through 2015, Accel-KKR had reported a 32% annualized return on investment.[7]
In May 2017, Goldman Sachs Asset Management's Petershill unit took a minority stake of less than 10% in Accel-KKR.[8]
In 2018, Accel-KKR bought a majority stake in SugarCRM, buying out some early investors.[9][10]
In January 2020, Accel-KKR closed on $276.7 million in commitments for Accel-KKR Credit Partners LP – Series 1, its private lending vehicle, which targets maturing software startups whose collateral may fall short of what bank lenders require for loans.[11] Also in 2020, the firm closed on its first fund intended specifically to invest in smaller companies. The $640 million Accel-KKR Emerging Buyout Partners LP fund is focused on software and technology companies with enterprise values of $70 million or less.[12]
In February 2022, the firm closed on $1.35 billion in commitments for its fourth growth fund, Accel-KKR Growth Capital Partners IV LP[13] and in March raised $1.77 billion for Continuation Vehicle IV, aimed at follow-on investments in seven companies from a 2013 buyout fund: Abrigo, Vitu, Kerridge, ESG, IntegriChain, ClickDimensions and TrueCommerce.[14]
As of 2022, Accel-KKR has raised over $14 billion of investor commitments[12] and invested in or acquired over 300 software and technology-enabled services companies, with companies primarily based across North America, Europe, Australia and New Zealand. Of those, Accel-KKR has completed 80 international transactions, including 48 in Europe, 11 in Canada, 12 in Australia/NZ/Asia-Pacific, 6 in Latin America and 2 in South Africa.[15]
Management[edit]
Tom Barnds is founder and Co-Managing Partner of Accel-KKR. Prior to Accel-KKR, Barnds was a Managing Director at Nassau Capital, a private equity firm responsible for investing $2.5 billion of Princeton University’s endowment, and ran the business development division for medical supply provider McGaw Inc.[16][17] Barnds currently sits on the boards of FastSpring, Imed, Kerridge Commercial Systems, Kimble, Lemontech, Mavenlink, NAVTOR, Recurly, Siigo, Smart Communications, Springbrook Software, TELCOR, Vendavo and Vitu.[16][18] In 2021, he was named one of the Top 100 Stanford MBA Alumni in Finance and Investing.[17]
Recognition[edit]
In 2019 and 2020, Inc. named Accel-KKR one of the “50 Best Private Equity Firms for Entrepreneurs”[19][20] while the American Chamber of Commerce in New Zealand recognized the firm as “Investor of the Year from the USA” in 2019 for its investment in Seequent Ltd.[21] Accel-KKR was also named the "2019 GP-Led Deal of The Year in the Americas" by Private Equity International in recognition of Accel-KKR Capital Partners CV III fund, which closed in September 2019.[22] In 2021, Accel-KKR was named among Inc.’s annual list of Top Founder-Friendly Investors.[23] Accel-KKR’s sale of Seequent was named "2021 International Deal of the Year" by Buyouts magazine. Under Accel-KKR’s ownership, the New-Zealand-based medical imaging business grew into a global software provider of 3D geological models and analytics used in mining, civil engineering and energy industries before being sold to Bentley Systems for a total value of USD$1.05 billion.[24]
References[edit]
- ↑ 1.0 1.1 "Accel KKR 2022 Form ADV" (PDF). SEC.gov. U.S. Securities and Exchange Commission. 3 June 2022. pp. 6–7.
- ↑ "What's An Aging 'Barbarian' To Do?". The New York Times. 2011-08-26. Retrieved 2020-05-07.
- ↑ "Accel-KKR Announces Closing of $1.765 Billion Accel-KKR Capital Partners CV IV Fund". prnewswire.com (Press release). March 30, 2022.
- ↑ "Accel-KKR Closes Fund II," PE Hub, November 20, 2006.
- ↑ "Accel-KKR Closes on $600 Million Fund," The New York Times, September 11, 2008.
- ↑ "Accel-KKR closes fourth fund on $750m," AltAssets, April 2, 2012.
- ↑ 7.0 7.1 Richard Waters, "Accel-KKR raises $1.3bn for new tech fund," Financial Times, September 27, 2015.
- ↑ Lim, Dawn; Cooper, Laura (2017-05-02). "Goldman Takes Minority Stake in Accel-KKR". The Wall Street Journal. ISSN 0099-9660. Retrieved 2020-10-26. Unknown parameter
|url-status=ignored (help) - ↑ "Zendesk expands into CRM with Base acquisition". TechCrunch. 10 September 2018. Retrieved 24 April 2023.
- ↑ "Accel-KKR buys majority stake in SugarCRM with 9-figure investment". Biz Journals. Retrieved 24 April 2023.
- ↑ "Accel-KKR Pulls in $276.7 Million for Credit Fund," The Wall Street Journal, January 3, 2020.
- ↑ 12.0 12.1 Cooper, Laura (29 October 2020). "Accel-KKR Closes First Small-Cap Fund". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 30 October 2020. Retrieved 5 November 2020. Unknown parameter
|url-status=ignored (help) - ↑ Cooper, Laura; Singh, Preeti (February 28, 2022). "Accel-KKR Banks $1.35 Billion for New Growth Fund". The Wall Street Journal. Retrieved January 12, 2023. Unknown parameter
|url-status=ignored (help) - ↑ "Accel-KKR pulls in over $3bn in a month after gathering $1.77bn for latest continuation fund close". AltAssets. May 31, 2022. Retrieved January 23, 2023. Unknown parameter
|url-status=ignored (help) - ↑ "Portfolio - Accel-KKR". Retrieved 6 January 2023.
- ↑ 16.0 16.1 "Tom Barnds". Accel-KKR. Retrieved 2023-01-17.
- ↑ 17.0 17.1 "The Top 100 Stanford MBA Alumni In Finance & Investing". C-Suite Spotlight. 23 March 2021.
- ↑ "Thomas Barnds "Tom"". Bloomberg. Retrieved 2023-01-17.
- ↑ Winfrey, Graham (August 2019). "The 50 Best Private Equity Firms for Entrepreneurs". Inc.com. Retrieved 22 November 2020.
- ↑ "The Best Private Equity Firms for Entrepreneurs". Inc.com. August 2020. Retrieved 22 November 2020.
- ↑ Hearn, Mike (23 August 2019). "Peter Beck takes out Supreme Award at the 2019 AmCham". AmCham. Retrieved 22 November 2020.
- ↑ "PEI Awards 2019: Americas winners". Secondaries Investor. 2 March 2020. Retrieved 30 November 2020.
- ↑ "Founder-Friendly Investors," Inc., retrieved January 21, 2023.
- ↑ "International Deal of the Year: Accel-KKR and Seequent". Buyouts Insider. 1 April 2022. Retrieved 20 January 2023.
Further reading[edit]
- KKR and Accel Open Atlanta Office. The New York Times, July 31, 2006
External links[edit]
- Accel-KKR (company website)
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