Technology Partners III, L.P. (ITP Fund III) Closes at $500 million

From PEsource

Buyout/Corp. Restructuring
Technology Partners III, L.P. (ITP Fund III) Closes at $500 million
By New York, NY
Jan 28, 2008, 07:00

Investcorp Technology Partners (ITP), a buyout investor in growing, small- and medium-sized technology businesses, today announced the closing of its Investcorp Technology Partners III, L.P. (ITP Fund III), with $500 million in total committed capital. ITP's total accumulated assets under management today stand at more than $1 billion.

INFO SOURCES

Investcorp Technology Partners

FIRMS

Based in New York and London, Investcorp Technology Partners is a buyout investor in growing, small- and medium-sized technology businesses. It is focused on making $25 million to $50 million equity investments in companies in four key areas of the technology market: Mobile Data Applications; Enterprise Software; Communications Infrastructure; and Digital Content Enablement. ITP's $500 million Investcorp Technology Partners III, L.P. fund follows its Investcorp Technology Ventures II, L.P. fund, which closed in November 2005 with total committed capital of $300 million, and Investcorp Technology Ventures Fund I, L.P., a successful $210 million vintage 2001 fund.

Investcorp Technology Partners is a line of business of Investcorp, a leading, global provider of alternative investments, which had more than $13 billion in assets under management in private equity, hedge funds and real estate as of June 30, 2007. Investcorp has offices in New York, London and Bahrain and is publicly listed on the London Stock Exchange (IVC) and Bahrain Stock Exchange (INVCORP).

FUND DETAILS

ITP Fund III, which had an original target of $400 million, was well oversubscribed and exceeded the $300 million total capital committed to Investcorp Technology Ventures II, L.P., ITP's second fund, which closed in 2005.

Investcorp Technology Partners focuses on three types of transactions -- buyouts, corporate carveouts and public situations (take-privates and control- oriented PIPEs) -- in four key areas of the technology market: Mobile Data Applications, Enterprise Software, Communications Infrastructure and Digital Content Enablement. The group focuses on generating the majority of the value creation in its investments by working with portfolio company management teams to increase revenues and gross margins and improve operational efficiency.

PEOPLE

Savio Tung, Head of Investcorp Technology Partners

Hazem Ben-Gacem

Alex Guira

INVESTORS INCLUDE

United States:, Grove Street Advisors for the California Public Employees' Retirement System (CalPERS), Cornell University, the Doris Duke Charitable Foundation, QVT Financial LP and Broward Health;

Europe: AlpInvest Partners, Bank of Scotland, CNP Assurances SA and UBS Sauerborn.

ITP's own team committed more than $11 million to the fund.