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Tech private equity vets raise $3 billion for digitization fund

BayPine, a Boston-based midmarket buyout firm led by David Roux (ex-Silver Lake) and Anjan Mukherjee (ex-Blackstone), raised $2.2 billion because of its debut fund. In addition, it secured $800 million in co-investment commitments.

Why it matters: It is a couple of tech vets aiming at the wide swath of non-tech companies which have yet to totally embrace digitization.

  • Roux tells Axios he feels as though he did when launching Silver Lake 23 years back, before the majority of private equity cared about tech, for the reason that peers soon will recognize digitization because the next big investable trend.
  • “I liken it from what happened at the turn of the century once the entire economy went from steam powered to electric,” he says. “It took 30 years! Not everyone moves simultaneously. Just look at autos, where Tesla ‘s been around for 15 years but many automakers are simply now introducing competitive products.

Details: BayPine expects to possess a concentrated portfolio of 10 or fewer companies, with three investments already in the portfolio (Penn Foster, Mavis Tire and Pinnacle Dermatology).

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