About This Fund
K5 Private Investors is the fifth flagship private equity fund managed by K1 Investment Management, a California-based investment firm specializing in lower and middle-market enterprise software companies. The fund closed above $4.01 billion in 2021 — K1's largest fundraise to date and more than twice the size of its predecessor fourth fund ($1.5B) — reflecting strong institutional demand for K1's software-focused buyout and growth equity strategy. K5 was oversubscribed against its $3.25 billion target and ultimately edged past its $3.9 billion hard cap. K5 Private Investors pursues buyout and growth equity investments in AI-enabled, mission-critical enterprise software businesses. K1 focuses on companies with established recurring revenue streams, embedded customer relationships, and strong unit economics — particularly in regulatory technology, financial software, healthcare IT, and government-facing enterprise platforms. The firm's distinctive approach combines operational scale-up support with proprietary software platform toolkits, helping portfolio companies grow from lower-mid-market positions into category leaders. K1 Investment Management was founded in 2011 and has established itself as one of the most active software-focused private equity firms in the United States, with over $10 billion in assets across its fund series and co-investment vehicles. Notable K5 limited partners include the Connecticut Retirement Plans and Trust Funds, which committed $125 million, and the San Francisco City and County Employees' Retirement System, which contributed $50 million. K1's portfolio of enterprise software companies spans legal tech, HR technology, risk and compliance, and government contractor platforms.