PORTLAND, Maine – iDEAL Partners recently launched a $125 million fund with pledged equity from Berkshire Partners and BancBoston Capital. Former Wright Express Inc. Chief Executive Paul Walsh will manage the fund.
“I’m a growth guy,” Mr. Walsh said. “I was looking for a partnership to try to build an intelligent platform, have some fun and make some money.”
iDEAL Partners will invest in information technology companies that provide business-to-business solutions and have annual revenue between $50 million and $200 million. The fund’s investments span the domestic market and look into international opportunities.
The size of individual investments will depend on the structure of the deal, Mr. Walsh said, but under most circumstances, iDEAL Partners will invest between $25 million and $30 million per company, with a minimum investment of $10 million.
While the fund will be devoted mostly to growth-stage companies, Mr. Walsh said iDEAL Partners would examine buyout opportunities and investments in public companies.
Mr. Walsh is not averse to co-investing “with value-added partners under certain structures.” In fact, he said, the fund already is making such arrangements.
Mr. Walsh managed Write Express from 1995 to 1998. Prior to that, he served as chairman of BancOne Diversified Services Corp.