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Accel-KKR Closes Emerging Buyout Partners LP Fund

Technology-focused private equity firm Accel-KKRhas closed Accel-KKR Emerging Buyout Partners LP with $640 million in committed capital. The total amount was split between $460mn in limited partner commitments and $180mn in general partner commitments. The closing of this new fund brings Accel-KKR's total assets under management to over $10 billion.

Commenting on the fund closing, Tom Barnds, Managing Partner of Accel-KKR, said, "We are excited to welcome a number of new investors to Accel-KKR through this new fund, as well as extend and expand our relationship with many of our long-standing limited partners. We are proud to have such a great group of mission-driven LPs representing leading academic institutions, medical research foundations, health care institutions, and corporate and government pensions."

Commenting on the fundraising process, Rob Palumbo, Managing Partner of Accel-KKR, said, "Despite the less-than-ideal conditions imposed by the pandemic, we completed a very efficient, successful fundraise almost completely during the lockdown. We now look forward to putting this capital to work and leveraging our software investing experience to help the next cohort of software companies and founders succeed."

The operating fund will be led by Phil Cunningham. Cunningham has spent the last eight years transforming businesses backed by private equity investors; prior to Accel-KKR, he was the Chief Executive Officer of Advicent Solutions, a provider of SaaS technology solutions for the financial services industry.

Three platform companies currently comprise the initial cohort of the Emerging Buyout Partners fund Blue Mountain Quality Resources, Cloud9 Software and InSight Mobile Data & Rhino Fleeting Tracking.

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