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Growth equity firm FTV Capital has raised over $4 billion across two new funds to invest in fintech and enterprise software startups.

Why it matters: While other firms sat on the sidelines, FTV kept investing in capital-efficient companies with solid fundamentals.

Zoom in: The fundraise includes $3.4 billion for the firm's eighth flagship fund and an additional $651 million for its inaugural Ascend fund, which will invest in smaller, high-growth companies.

FTV VIII will target investments between $60 million and $300 million, and the Ascend Fund will write checks from $20 million to $60 million.

By the numbers: With the latest funds, FTV has raised over $10.2 billion and deployed $6.7 billion into 149 portfolio companies since being founded in 1998.

In 2024, the firm deployed $1.6 billion through investments in companies that include Arden, BillingPlatform, Kore.ai, Orbus Software, ParkHub, Vald and Zema Global.

It also generated over $1 billion in returns last year from exits, including Agiloft, Docupace, Egress and Tango Card.

Flashback: The firm raised $2.35 billion for its seventh flagship fund in early 2022, just ahead of a broader collapse in late-stage venture funding for fintechs.

Between the lines: The combination of less strategic M&A, a nonexistent IPO market and more expensive debt created a great environment for growth investors like FTV, managing partner Brad Bernstein says.

"We've always had a strong discipline towards growth, but at a rational value. I think over the last three years, that has been a good place to be," he says.

Yes, but: Bernstein credits the firm's investment approach for deploying capital and generating returns when other growth investors have struggled.

"We try to be thoughtful about deploying capital when there's better value and a better market environment, as opposed to when it's super-frothy, like at the peak of 2021," Bernstein says.

"If you invested at rational valuations ... it puts you in a position to have exits and generate strong returns."

Behind the scenes: In addition to its fundraise, the firm made a series of personnel moves.

Karen Derr Gilbert was promoted to COO, Mike Cichowski and Alex Malvone to co-heads of FTV Ascend, Brent Fierro to partner and CFO Paul Cabral to partner.

FTV Capital raises $4B across two funds

The firm kept investing while others sat on the sidelines.

Illustration of stacks of money progressively getting larger with the last one so tall that it goes off screen. 

Growth equity firm FTV Capital has raised over $4 billion across two new funds to invest in fintech and enterprise software startups.Why it matters: While other firms sat on the sidelines, FTV kept investing in capital-efficient companies with solid fundamentals.

FTV Capital raises $4B across two funds

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