BOSTON, Dec. 20, 2023 /PRNewswire/ — Clearhaven Partners LP (“Clearhaven”), a Boston-based software private equity firm, today announced the closing of its sophomore fund, Clearhaven Fund II, L.P. (“Fund II”) at more than $580 million of capital commitments. Fund II closed above target and at its hard cap. Clearhaven closed Fund II approximately two years following the closing of its debut fund. Clearhaven pursues investments in growing lower middle market software and technology companies with revenues of approximately $20 million to $100 million.
Fund II's limited partner commitments come predominantly from continuing investors from the firm's inaugural first fund as well as several new investor relationships. Investors in Clearhaven's funds come from a diversified institutional investor base including leading endowments and foundations, pension funds, insurance companies, family offices, funds-of-funds, and industry executives, including software executives of companies with which Clearhaven professionals were previously involved.
Clearhaven was launched in 2019 by Michelle Noon, Founder and Managing Partner, following nearly 20 years of experience as a software private equity investor. Clearhaven closed on its inaugural fund at $312 million in 2021 amid the pandemic. The firm pursues a proactive, thematic approach to identifying attractive investments and backs management teams and companies who seek a true partner to help scale their businesses. The investment team is co-led by Michelle Noon and Chris Ryan, a Managing Partner and experienced technology investor. Clearhaven's Boston-based team is comprised of experienced technology investors and operators, including Operating Partner and Co-Founder Kevin Wood.
“We are truly grateful for the conviction and support exhibited by our continuing and new limited partners through their commitments to Clearhaven's Fund II. Our firm was founded with principles of focus, humility, and the integrity to do what we say we will do through calm or turbulent waters. Our investors recognize the values that drive our firm as we seek to deliver exceptional returns,” said Michelle Noon, Founder and Managing Partner, “Our mission has been clear and consistent since day one – to invest exclusively in growing software businesses who seek an operationally oriented partnership with our team, and to do so while maintaining an uncompromising set of shared values. This mission carries directly into Fund II.”
Clearhaven Partners
Clearhaven has completed 11 transactions since inception, all of which fit squarely into the firm's thematic areas of focus and intended active partnership with company management. Clearhaven's current portfolio companies include customer engagement software company Engageware, mission critical video infrastructure software company Wowza, digital asset management software provider, PhotoShelter, personalized video communications SaaS provider SundaySky and cloud voice communications software company Avoxi, and digital signage and workplace experience software provider Korbyt. Managing Partner Chris Ryan added, "Our Fund I portfolio represents the bullseye of Clearhaven's software investment strategy. In Fund II, we look forward to continuing to identify similarly attractive companies who seek to partner with Clearhaven to achieve best in class software results."
M2O Private Fund Advisors acted as placement agent to Clearhaven for Fund II and Kirkland & Ellis LLP acted as legal counsel.
About Clearhaven Partners LP
Clearhaven Partners is a Boston-based private equity firm focused exclusively on software- and technology-focused investments. Clearhaven was founded by an investor-operator team to partner with growing, differentiated companies with at least $20 million in recurring revenue. Clearhaven brings a collective 50+ years of software investing and operating experience to its portfolio companies through its partnership approach with management and its value creation playbook to help companies scale profitably. Visit us at www.clearhavenpartners.com.
