Accel-KKR has closed flagship buyout fund Accel-KKR Capital Partners VII and growth equity fund Accel-KKR Emerging Buyout Partners II at a combined $5.3 billion, a spokesman said in an email.
Both closed at their hard caps of $4.4 billion and $920 million, respectively. The prior funds, Accel-KKR Capital Partners VI and Accel-KKR Emerging Buyout Partners, both closed in 2020 at $2.9 billion and $640 million, respectively.
Accel-KKR, which was formed in 2000 as a joint venture between venture capital investor Accel and private equity giant KKR & Co., focuses on software and technology companies. Recent investments include Australia-based workforce management software company Humanforce, U.S.-based compensation data and analytics provider Salary.com and Yes Energy, a U.S.-based market data and software solutions provider.
Accel-KKR has $19 billion in cumulative capital commitments.
Investors in Accel-KKR Capital Partners VII include the $442.9 billion California Public Employees' Retirement System, Sacramento; $72.5 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.; $50.4 billion Illinois Municipal Retirement Fund, Oak Brook; $41.8 billion Texas County & District Retirement System, Austin; $33.4 billion San Francisco City & County Employees' Retirement System; $26.9 billion Los Angeles Fire & Police Pensions; and $5.3 billion Kern County Employees' Retirement Association, Bakersfield, Calif.
Both the Texas County and Illinois Municipal pension funds also invested in Accel-KKR Emerging Buyout Partners II.
