Carrick Capital Partners said it has closed a single-asset continuation vehicle for Saviynt, a leading identity security company, with approximately $600 million in capital commitments.
The transaction includes a new $255 million investment in Saviynt with “meaningful participation” from Carrick’s general partners, representing the largest investment in the firm’s history, according to a statement released yesterday.
Coller Capital was the lead investor and HSBC Asset Management acted as co-lead investor in the new vehicle, which offered Carrick’s existing limited partners the option to roll their equity into the CV or realize a 11x gross multiple (10x net) on invested capital in Carrick’s initial investment.
“The closing comes amid accelerating momentum at Saviynt,” according to Carrick, which is headquartered in Newport Beach and San Francisco.