FP Credit Partners II, L.P.

FP Credit Partners II, L.P. is the second opportunistic credit fund managed by Francisco Partners, a leading technology-focused investment firm headquartered in San Francisco, California, with over $50 billion in total assets under management. The fund raised $2.23 billion from institutional investors and is now fully closed, structured as a Cayman Islands limited partnership. FP Credit Partners II represents the second vintage of Francisco Partners' credit investment program, building on the strategy established by the firm's inaugural credit vehicle.

FP Credit Partners II employs an opportunistic credit approach focused on the technology and technology-enabled services sector, applying Francisco Partners' deep technical expertise and operational knowledge to credit underwriting and portfolio management. The fund invests across a range of instrument types including senior secured loans, mezzanine debt, structured equity, and convertible notes, addressing financing needs that are underserved by generalist credit investors who lack the sector expertise to accurately price technology-specific risks. Francisco Partners' ability to assess software revenue quality, competitive moat depth, technology stack defensibility, and market positioning provides a material underwriting advantage in identifying credit situations where risk is mispriced relative to potential recovery.

FP Credit Partners II closed at $2.23 billion, demonstrating substantial institutional appetite for technology-focused credit strategies and validating Francisco Partners' approach to applying private equity sector expertise to credit investing. The fund is now closed and in the investing and harvesting phase, having deployed capital across a portfolio of technology and technology-enabled businesses globally. The success of FP Credit Partners II directly facilitated the launch of FP Credit Partners III at $3.3 billion — a 48% step-up reflecting strong LP confidence in the franchise. Francisco Partners' broader platform provides credit portfolio companies with access to operational resources, advisory networks, and potential equity paths unavailable through standard credit channels.