About This Fund
Expedition Growth Capital Fund III is the third fund raised by Expedition Growth Capital, a London-based software-specialist growth equity firm founded in 2020. The fund closed at $375 million in December 2025 in a first-and-final close completed in approximately four months, with the raise oversubscribed and more than half of commitments sourced from US investors including leading university endowments and foundations. The fund is domiciled in Jersey, Channel Islands, and managed by a team based in London.
Expedition Growth Capital Fund III targets rapidly growing European and Israeli software companies that have built high-quality products and substantial customer bases without venture capital backing — a distinctive mandate focusing on profitable, founder-led businesses at the inflection point where institutional capital can accelerate international expansion, product development, or buy-and-build M&A. The fund invests primarily in B2B software segments including SaaS, vertical software, and enterprise technology, where Expedition has developed deep sector expertise through its prior funds. The strategy occupies a differentiated space between early-stage venture capital and large-cap buyout, targeting businesses that have outgrown bootstrap and angel stages but seek growth capital with institutional support rather than the dilution of traditional VC financing structures.
Expedition Growth Capital established its franchise with two prior funds and built a portfolio of European software leaders applying its disciplined investment thesis. Fund III's oversubscribed raise in under four months signals strong LP confidence in the team's ability to source and create value in software-focused growth situations. The firm's US institutional investor base — comprising leading endowments and foundations — validates the quality of its investment approach and portfolio performance across prior vintages. Expedition's focus on capital-efficient, profitable software businesses positions the fund to generate returns uncorrelated with traditional VC risk profiles while accessing Europe's growing enterprise software market.