Tech-enabled Services

3 Boomerang Capital I, L.P. is a healthcare-focused private equity fund targeting the lower middle market, managed by 3 Boomerang Capital (3BC), a Greenwich, Connecticut–based firm founded in 2023 by Adam Dolder and Adam Elberg. Both founders bring prior careers as both healthcare investors and healthcare entrepreneurs — a dual background the firm describes as fundamental to its differentiated approach. 3BC focuses exclusively on founder-led businesses in the healthcare sector, providing not only capital but operational guidance drawn from firsthand experience scaling and managing healthcare enterprises. The firm operates with an eleven-person team structured to provide hands-on engagement with portfolio companies. 3 Boomerang Capital I targets four sub-sectors within healthcare: BioPharma outsourcing (contract research, manufacturing, and laboratory services), medical device and diagnostic manufacturing, information technology and tech-enabled services for healthcare, and alternate site care (outpatient, home health, and specialty clinic settings). The fund targets lower middle market businesses — typically generating $10M–$100M in revenue — where management depth, succession planning, and operational systems can benefit from private equity partnership. Geographic focus spans North America and select Western European markets with established healthcare infrastructure. Fund I surpassed its $350 million target, closing above $375 million of total commitments from a diversified LP base including leading endowments, foundations, pension funds, insurance companies, fund-of-funds, and family offices, in addition to 3BC professionals. The final close was announced on February 6, 2024. Initial portfolio activity includes a growth recapitalization of Professional Physical Therapy (ProPT), described as the largest outpatient physical therapy business in the Northeastern United States. The successful above-target close on its inaugural fund validates the founding team's thesis that founder-aligned, healthcare-specialist private equity is a durable and differentiated strategy in the lower middle market.

AC Ventures Fund V (ACV Capital V L.P.) is the fifth flagship fund of AC Ventures (ACV), a Jakarta-headquartered venture capital firm dedicated to backing technology-enabled businesses across Indonesia and Southeast Asia. The fund achieved its final close in January 2024, raising $210 million in capital commitments including co-investment vehicles, bringing AC Ventures' total assets under management to over $500 million across five funds. With over 90% of commitments from institutional capital and more than 50% from returning limited partners—including the World Bank's International Finance Corporation (IFC) alongside prominent institutions from the United States, the Middle East, and North Asia—ACV Fund V reflects the firm's established track record as one of Southeast Asia's most active early-stage investment platforms. ACV Fund V invests primarily at early to growth stages, deploying initial checks of $2 to $5 million into tech-enabled companies building solutions for Indonesia and the broader Southeast Asian market, with the capacity to commit $20 to $30 million in follow-on capital for high-growth portfolio companies aligned with the firm's impact goals. The fund targets approximately 25 new companies across fintech, e-commerce, consumer technology, logistics, climate technology, and MSME (micro, small, and medium enterprise) enablement—extending AC Ventures' existing portfolio of over 120 startups. Indonesia's position as approximately 40% of the region's total economic output anchors the fund's geographic thesis, while the climate mandate introduced in Fund V reflects AC Ventures' role as a signatory of IFC's Invest2Equal program and the UN Women's Empowerment Principles. AC Ventures' track record across predecessor funds demonstrates a +37% impact ratio versus the Nasdaq Small Cap average of +29%, with a portfolio emphasizing diversity: the firm operates with 50% female senior leadership and reports 41% female C-level representation across its portfolio companies. ACV Fund V launched its first close at approximately $162.5 million in September 2022 (65% of its $250 million target) before completing its final close at $210 million in January 2024. Among the fund's early investments are MAKA Motors, Indonesia's leading electric vehicle developer, and Koltiva, a sustainable farming platform connecting smallholder farmers to global supply chains—both exemplifying AC Ventures' dual mandate to generate financial returns while delivering measurable environmental and social impact across Southeast Asia's emerging digital economy.

Angeles Ventures Fund I is an early-stage venture capital fund managed by Angeles Investors, a Chicago, Illinois-based investment platform founded to leverage the power of the Latino growth demographic to discover, fund, and scale technology-enabled startups led by Hispanic and Latinx founders in the United States. Launched in October 2023, the fund targets 20 to 30 seed-stage B2B and B2C technology companies, with check sizes ranging from USD 100,000 to USD 1 million or above. The fund's investment thesis is built on the structural opportunity represented by the US Latino community — the fastest-growing demographic in the US economy — and the persistent underfunding of Hispanic and Latinx-led ventures by institutional capital. Angeles Investors draws on a network of over 260 angel investors with more than 23 prior investments to source, diligence, and support founders. The fund invests alongside co-investors including Goodwater, Chingona, Launch (Jason Calacanis), Hyde Park Ventures, and Listen Ventures, providing portfolio companies with both capital and an extensive network of operators and advisors across technology and consumer sectors. As of May 2024, Angeles Ventures Fund I had closed an equity investment from Bank of America and deployed capital across multiple portfolio companies including Storybook, Linker Finance, Certiverse, and Sigo Seguros. The fund's general partners, Adela Cepeda and David Olivencia, bring decades of combined experience in finance, venture, and community development. Through the Angeles Investors angel network and its institutional fund structure, Angeles Ventures aims to become the defining early-stage capital platform for Hispanic and Latinx entrepreneurship in the United States, targeting sectors including enterprise SaaS, fintech, insurtech, and tech-enabled services.

Apax Digital Fund is the growth equity investment strategy of Apax Partners, one of the world's leading global private equity firms. Established in 2017 with the inaugural Apax Digital Fund raising USD 1.113 billion, the strategy targets minority and majority growth equity and growth buyout investments in high-growth enterprise technology and internet companies globally. A second vintage, Apax Digital Fund II, closed in 2023 at USD 1.957 billion, nearly doubling the capital raised under the digital franchise and affirming consistent institutional demand for the strategy. The Apax Digital investment approach focuses on enterprise software, internet, and technology-enabled services companies at the intersection of growth equity and growth buyout, with individual investments typically ranging from USD 30 million to USD 150 million. The strategy invests across the United States, Europe, and Israel, targeting businesses with strong recurring revenue profiles, proven product-market fit, and the potential to scale globally with the support of the Apax platform. Core sectors include enterprise SaaS, software B2B, and tech-enabled business services. Portfolio companies have included atHome Group, Petvisor, and Magaya, among others. The strategy is managed by the Apax Digital Growth team, a specialist investment unit within Apax Partners. The broader Apax Partners platform, founded in 1972 and headquartered in London, has raised and advised approximately USD 80 billion in aggregate funds as of 2024, investing across technology, healthcare, internet and consumer, and services sectors globally. Apax Digital Funds benefits from this institutional infrastructure, including the firm's sector expertise, global portfolio networks, and decades of experience scaling technology businesses from growth stage to market leadership.

Axcel Fund VII is the seventh flagship fund raised by Axcel, one of the Nordic region's most established private equity firms, founded in 1994 and headquartered in Copenhagen, Denmark. Fund VII closed at the firm's hard cap of EUR 1.3 billion in March 2024, surpassing its EUR 1 billion target and marking a 60% increase over predecessor Axcel VI (EUR 807 million, 2021), reflecting the continued expansion of Axcel's franchise across the Nordic market over three decades of investment. The fund follows Axcel's disciplined mid-market buyout strategy, acquiring majority or significant minority stakes in established Nordic companies and driving value creation through four strategic pillars: commercial excellence, buy-and-build consolidation, digital transformation, and sustainability improvements. Axcel VII focuses on four core sectors: Technology and Software, Business Services and Industrials, Healthcare, and Consumer. Initial portfolio investments include a sustainability-focused technical consulting group, a software and information services company, electrical panel providers, and a professional services group, demonstrating cross-sector deployment across Denmark, Sweden, Norway, and Finland. Axcel VII held its final close on March 6, 2024 with EUR 1.296 billion of committed capital at the hard cap. The fund attracted a diverse international investor base including foundations, pension funds, insurance companies, funds of funds, and family offices from the Nordics, Europe, and the Americas. This close confirmed Axcel's status as the leading Nordic mid-market private equity manager and underscored institutional demand for focused Nordic exposure in a period of global private equity market recalibration.

Clearlake Icon Partners VI is a private equity fund managed by Clearlake Capital Group, the Los Angeles-based private equity firm founded in 2006 with a primary focus on software, technology-enabled services, and industrial companies. Clearlake Capital Group manages over $90 billion in assets across its flagship private equity and co-investment strategies, and is recognized as one of the leading technology-oriented private equity managers in the United States. The Icon Partners series represents a dedicated vehicle within Clearlake's broader investment platform, registered with PitchBook under its fund family identifier, targeting established companies in Clearlake's core competency sectors. Clearlake employs a proprietary value creation framework called O.P.S. (Operations, People, and Strategy) to drive performance improvement in portfolio companies, supported by a dedicated portfolio operations team that works alongside the investment team throughout the ownership period. The Icon Partners series applies this operational philosophy to companies in software, technology services, and industrials where Clearlake can leverage sector-specific expertise to accelerate growth, improve margins, and execute targeted add-on acquisition strategies. The fund focuses on control-oriented equity investments in businesses with defensible market positions, high recurring revenue, and identifiable levers for operational value creation. Clearlake Capital has established a strong performance track record across its fund series, having returned substantial capital to limited partners through exits including public market transactions, strategic sales, and secondary buyouts involving notable technology and software portfolio companies. The Icon Partners VI vehicle continues the institutional partnership with major LP constituencies including endowments, pension funds, and sovereign wealth funds that have supported Clearlake's growth from a $300 million AUM manager at founding to one of the largest technology-focused PE firms globally. Icon Partners VI builds on the track record of prior vintage funds that benefited from Clearlake's deep expertise in software and technology services buyout transactions.

Eoniq Mediterranean Seed Fund I FCRE S.A. is an early-stage venture capital fund registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) and managed by Eoniq.fund, a Madrid and Seville-based venture capital manager. The fund targets pre-seed and seed-stage technology startups founded or led by Spanish entrepreneurs, with particular focus on founders operating outside the major hubs of Madrid and Barcelona, supporting emerging innovation ecosystems across Spain and the broader Mediterranean region. The FCRE S.A. legal structure is a Spanish closed-end venture capital vehicle authorized under European Alternative Investment Fund Manager regulations, providing institutional governance standards aligned with AIFMD requirements. Eoniq Mediterranean Seed Fund I pursues a generalist technology venture strategy at the earliest stages of company formation, investing in startups that demonstrate initial product-market fit through a minimum viable product and early traction metrics. The fund takes an active value-add approach, providing portfolio companies with access to the Eoniq network of experienced operators, domain advisors, and follow-on institutional investors to support internationalization and growth beyond the Iberian market. With approximately 50 portfolio companies invested from Fund I, the portfolio reflects a diversified early-stage approach spanning consumer technology, enterprise software, digital health, and marketplace business models. The Eoniq investment team brings a verifiable pre-fund track record of over 60 individual angel and pre-institutional investments prior to raising Fund I, with reported returns of 6.36x and an IRR exceeding 35%. This track record reflects demonstrated ability to identify and back exceptional founding teams at the earliest stages across Spain's emerging startup ecosystem. The CNMV registration and regulated fund structure attract co-investors and institutional limited partners seeking controlled-risk exposure to the Spanish and Mediterranean venture ecosystem through a supervised investment vehicle.

Escalate Capital V is a growth capital fund by Escalate Capital Partners. The fund is located in Austin, Texas and prefers investing in United Sates. The fund targets technology, software, services, and healthcare sectors. The fund invests in rapidly growing later-stage companies with minimum revenues of $20 million and minimum EBITDA of $3 million. Sectors of interest include technology, software, services, and healthcare across the United States. As of May 2025, the fund has already closed on two investments representing $35 million of Fund V’s committed capital. Since its founding in 2005, Escalate has invested over $1.3 billion of capital in 140 growth equity-backed companies.

Eurazeo PME V is the fifth fund in Eurazeo's lower mid-market private equity series, managed by the Eurazeo Elevate investment team — a dedicated unit within Eurazeo's broader platform comprising approximately 30 investment professionals based in Paris, London, Madrid, and Munich. The fund reached a first close exceeding €1 billion in 2025, with international investors representing 60% of total commitments, and was seeded with two initial portfolio investments at close. Eurazeo, one of Europe's leading listed private equity firms with over €35 billion in assets under management, provides the Elevate team with institutional infrastructure, cross-platform co-investment capacity, and ESG resources. Eurazeo PME V targets high-quality, fast-growing lower mid-market technology and business services companies across Europe, with a particular focus on businesses generating €5 million to €30 million in EBITDA with strong recurring revenue profiles and identifiable international expansion opportunities. The fund pursues control-oriented buyout transactions, applying Eurazeo's operational expertise in digital transformation, buy-and-build strategies, and cross-border expansion to accelerate portfolio company growth. The Elevate team's sector concentrations in enterprise software, tech-enabled services, and professional services reflect their deep expertise in European lower mid-market deal flow. Building on the strong performance of PME I through PME IV, the Eurazeo PME series has established a track record of partnering with founder-led and family-owned businesses and supporting their transition to institutional ownership. Fund V opened with portfolio investments including OMMAX, a Munich-based data-driven marketing consultancy acquired in partnership with Singulier, and Nextron Systems, a European cybersecurity threat detection platform. With a target of 15 or more portfolio companies, PME V is positioned to capitalize on the continued fragmentation of the European lower mid-market technology and services sector.

Magnesium Capital I focuses on profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution, and consumption of energy. The team has been backing the buyouts of such businesses for a number of years on a direct deal basis. Since inception, Magnesium has completed seven platform investments, signed six follow-on acquisitions, and exited two investments for 4.2x gross MOIC. The fund targets high-growth, profitable businesses in Europe and the UK that support the energy transition. It likes to partner with entrepreneurial management teams and support them on their next stage of growth. Magnesium looks for companies with competitive advantages in their core technology or tech-led service that have a positive impact on the way energy is produced, distributed, or consumed. The fund takes controlling stakes in each of its investments but considers significant minority positions in certain circumstances. The fund closed its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the €100m Fund target. The final close occurred less than a year after the Fund’s first close with Magnesium attracting blue-clip institutional investors from the US, Europe, and the UK. The combined impact of these portfolio companies already directly contributes to the avoidance of over 30 million tonnes of CO2 equivalent per annum, demonstrating their focus on impactful investments with positive environmental outcomes. The fund prefers investments ranging from €15 million to €50 million in companies with enterprise values of €25 million to €100 million.