TCV has closed TCV XI, its largest fund to date at USD4 billion.
TCV turned 25 in 2020. Over our first quarter-century, the firm has invested more than USD14 billion, guided 65 companies through IPOs and executed 64 strategic sales.
“Over a quarter century, Netflix has gone from an outrageous idea to one of the world’s leading entertainment companies – and TCV has supported us every step of the way,” says Reed Hastings, Co-Founder and Co-CEO, Netflix Inc. “I’m so grateful for the enduring partnership, which includes Jay Hoag’s wisdom and guidance as our lead independent director.”
The pandemic accelerated innovation in many of TCV’s key areas of sector specialisation, including SaaS, edtech, remote collaboration, fitness, media/entertainment, touchless commerce, and digital banking. In 2020 we made big bets in companies aligned with secular technology trends across fintech (Klarna, Mambu, Mollie, Revolut, Wealthsimple), digital health and fitness (Strava), e-commerce enablement (Spryker) and SaaS (OneTrust, Oversight, Redis Labs).
“We specifically sought out TCV in our last private fundraise,” says John Foley, Founder and CEO of Peloton. “They are the best late-stage growth capital partner and have proven this discernibly and tangibly to us while we were private, while they increased their stake via a large IPO purchase, and on an ongoing basis. Their knowledge of and experience with digital media, global technology platforms and subscription businesses, stemming from their long-term involvement with leading franchises such as Netflix, Spotify, Dollar Shave Club, and many more continues to help us in immeasurable ways as we push to become the global digital fitness winner.”
TCV says its experience enabled it to decisively guide portfolio companies through a historic year of uncertainty and opportunity and help them grow and thrive. In spite of unprecedented global challenges, TCV’s portfolio enjoyed IPOs and was proactively sought after by strategic acquirers. Airbnb went public, and the sales of AxiomSL, Genesys, Cradlepoint, and Silver Peak represented major liquidity events.
“We are humbled by the ongoing support of new and returning investors, which enabled us to raise a record sized fund,” says Jay Hoag, a Founding General Partner at TCV. “Just as importantly, we are honoured by all the great entrepreneurs we’ve worked with over the past 25 years, as their vision and relentless execution has been our foundation. We look forward to backing entrepreneurs with our new fund that we believe will become the next generation of iconic companies, in this incredibly fertile technology industry.”
Source: Private Equity Wire
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