About This Fund
BVP Forge II, L.P. is the second growth buyout fund raised by BVP Forge, a private equity platform integrated within the Bessemer Venture Partners ecosystem. The fund closed on November 19, 2025 at $1 billion — oversubscribed and completed in under four months — bringing BVP Forge's total assets under management to $2.3 billion. BVP Forge was founded in December 2021 by Rob Arditi, formerly a senior growth equity partner at Norwest Equity Partners, to address a structural market gap: capital-efficient, self-sustaining technology and services companies with $10–$50 million in annual revenue that are too mature for traditional venture capital but too growth-oriented for classical leveraged buyout firms.
BVP Forge II makes control acquisitions and significant minority investments in companies with $50–$500 million in enterprise value. The fund targets software, AI-enabled services, tech-enabled managed services, and vertical software platforms across North America, Europe, Australia, and New Zealand. Portfolio companies benefit from the ForgeEdge™ operational program, which provides engineering, go-to-market, and talent development support, and the AI Velocity initiative, which helps portfolio companies integrate AI capabilities. Prior Forge I investments include Sunwave Health (behavioral health software), Lightning Step Technologies, BetterRX (hospice pharmacy software), and Technical Toolboxes (energy infrastructure software), illustrating the firm's focus on mission-critical vertical software in underserved industries.
BVP Forge's integration into the Bessemer Venture Partners platform gives portfolio companies access to approximately $19 billion in AUM-backed relationships, 40 proprietary technology roadmaps, over 60 annual research publications, and 10+ executive workshops. Confirmed limited partners in Forge II include the New Mexico State Investment Council ($75 million) and the North Dakota State Investment Board ($60 million), both returning LPs from Forge I. Legal counsel: Kirkland & Ellis. Operational headquarters: Redwood City, California.