FTV Capital raises $2.3bn in its largest fundraise

FTV Capital announced the close of a $2.3 billion growth equity fund that will extend its investment interests in financial services, e-commerce and healthtech.

FTV VII was over-subscribed, with nearly all of its previous LPs returning, and it is the largest fund raised by the San Francisco firm thus far, it said in a statement. The LPs are spread across North America, Europe, Asia and the Middle East and represent different sizes and types.

The firm did not disclose the names of investors, but LPs in its prior fund include the City of Manchester Employees’ Contributory Retirement System, the New York City Board of Education Retirement System, the New York City Employees’ Retirement System, New York City Fire Department Pension Fund and Texas Municipal Retirement System, according to VCJ research.

The new fund will allow FTV to either lead or make minority investments in the range of $30 million to $200 million.

The firm previously raised $1.2 billion for FTV VI in 2020. Since then, it has invested in 18 new portfolio companies and made 15 follow-on investments. Recent investments include business insurance company Embroker, healthtech marketplace and payments platform Gale Healthcare Solutions and cloud security platform Sysnet.

FTV said it has raised $6.2 billion since 1998 and has invested in more than 130 portfolio companies.

“This record fundraise is a testament to the exceptional caliber of talent of our team and their unrelenting dedication to driving superior results,” Brad Bernstein, managing partner at FTV, said in a statement. “Our team will continue to execute a highly-disciplined strategy and remain laser focused on identifying critical trends in the innovation economy.”

FTV did not respond to a request for additional comment.