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Alternative Market Briefing

Crosspoint nabs $1.3bn for debut fund

Wednesday, April 14, 2021

Laxman Pai, Opalesque Asia:

Private equity manager Crosspoint Capital Partners has closed its debut fund, Crosspoint Capital Fund I, at $1.3 billion. The investment fund is focused on the cybersecurity, privacy, and infrastructure software sectors.

The fund exceeded its $1 billion fundraising target making it one of the largest first-time technology-focused private equity funds ever raised, said a press release from the firm led by executives including ex-Symantec Corp. Chief Executive Officer Greg Clark and former Bain Capital dealmaker Ian Loring.

"Private equity is an exceedingly competitive industry and simply having capital is no longer a source of differentiation. We are pursuing a new and differentiated model for private equity investing that combines deep sector knowledge, operational capabilities, and investment expertise to build better businesses," said Greg Clark, Managing Partner of Crosspoint.

"We are thrilled with the support we received from the LP community, especially against the backdrop of the global COVID-19 pandemic, which has depressed fundraising for many first-time private equity funds," said Ian Loring, Managing Partner of Crosspoint. "Our Fund I limited partners include some of the most respected investors in the private equity industry, which speaks both to their conviction in our mission-driven focus to help build great businesses and to the incredible team we have assembled."

Investors include the $6.2 billion Colorado Fire & Po......................

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