London and Silicon Valley-based Kennet Partners, an international growth equity firm, has closed its fifth fund at $250 million. British Patient Capital, a British Business Bank subsidiary, has made a cornerstone commitment to the fund. Kennet targets high-growth tech companies that are founder-owned and bootstrapped.
2nd July 2020, London: British Patient Capital, a subsidiary of the British Business Bank, has made a cornerstone commitment to Kennet’s fifth fund as it announces its €223m ($250m) close today.
Kennet specialises in investing in established, high growth technology companies which are founder-owned and ‘bootstrapped’ – built without significant external capital. Typically, investment from Kennet is the first external funding that companies receive and is primarily used to support international expansion, enabling companies to meet the global market opportunities often associated with Software as a Service (SaaS) business models.
Michael Elias, Managing Director, Kennet Partners, said: “Our experience investing in technology companies through multiple market cycles, has shown that it is a good time to invest during times of profound change. We therefore believe that the coming 2-3 years will be a very interesting time to deploy a fund.”
Catherine Lewis La Torre, CEO, British Patient Capital said: “Kennet has an outstanding track record when it comes to identifying and backing growth stage software businesses, and as a specialist in bootstrapped companies it can tap a rich seam of opportunities.
Providing growth stage, proven businesses with the capital to expand and meet international opportunities sits right at the heart of our investment strategy, and is well aligned with our long-term vison for more home-grown companies to become players on the-global stage”.
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. British Patient Capital has been given new resources of £2.5bn and will deliver a programme designed to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The investment from British Patient Capital into Kennet V SCSp does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank PLC, or the government of the UK.
About Kennet Partners
Kennet is a leading international growth equity firm that invests in high-growth companies in Europe and North America. With offices in London and Silicon Valley, the firm supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $1 billion of cumulative funds under management. For more information: www.kennet.com.