Landmark Partners has acquired a minority stake in the management company of a tech-focused general partner, having upped its stake in another GP last year.
The Simsbury, Connecticut-headquartered secondaries firm has acquired a position in Siris Capital Group, a private equity firm that invests in mature technology companies, according to a statement from the firm. Investment manager Wafra also bought a minority stake.
The investors will acquire passive, non-voting minority stakes and will provide capital to support Siris’s strategic initiatives, which include the repurchase of an existing minority stake issued at the firm’s inception, the statement noted.
Kirkland & Ellis served as legal counsel to Siris, and Fried, Frank, Harris, Shriver & Jacobson were counsel to Wafra.
It is not clear if Landmark used its latest fund, the $7 billion, 2016-vintage Landmark Equity Partners XVI, to make the investment.
In May Landmark increased its holding in the management company of Clearlake Capital Group, a Santa Monica-headquartered private equity and special situations manager. In 2017 Landmark used preferred equity to finance Clearlake’s purchase of a stake in its own management company held by Reservoir Capital.
Of the invested capital in the 2013-vintage Landmark Equity Partners XV, 2 percent went towards GP stake purchases, compared with an average of 3 percent across funds I-XV, according to documents prepared for Connecticut Retirement Plans and Trust Funds. In Fund XV, 27 percent went to preferred equity deals, against an average of 14 percent across funds I-XV.