Ten Coves Capital Closes Oversubscribed $293 Million Third Fund

Ten Coves Capital, LP (“Ten Coves”), a growth equity firm with an exclusive focus on investments in FinTech companies, announced today the closing of its third fund, Ten Coves Capital III, LP (“Fund III”) with total commitments of $293 million. The fund was oversubscribed and closed at its hard cap.

Ten Coves Capital was formed in December 2020 in connection with the spinout of the growth equity team from Napier Park Global Capital, and included the assumption and management of the first two growth equity funds. With Fund III, Ten Coves now manages more than $600 million in aggregate committed capital, and will continue its strategy of partnering with exceptional, rapidly growing companies across the FinTech ecosystem.

“The past few years have been incredibly exciting and rewarding for the Ten Coves team; a period during which we completed the transition to a fully independent platform, maintained a very active investment and value-realization pace, and now, closed our third fund. We are particularly grateful for the commitment and continued support from our existing and new investors, which include corporate and public pension plans, endowments, fund-of-funds, insurance companies, family offices and a number of leading industry executives and advisors,” said Steven Piaker, Ten Coves Managing Partner.

The Ten Coves partners have invested in over forty FinTech companies; select Fund I and II companies include 7shifts, Bill.com, Bluefin Payments, DadeSystems, HealthEquity, Jefferson National (sold to Nationwide), Lendio, Nvoicepay (sold to FLEETCOR), Point Predictive, Q4 Inc., Quovo (sold to Plaid), Reval (sold to ION Trading), Roostify, Softgate/TIO (sold to PayPal), TouchBistro, and TrueMotion (merged with Cambridge Mobile Telematics).

“We’ve been investing in FinTech before FinTech was a coined term, and today, leverage over two decades of experience and deep industry networks to help build leading, strategically significant companies. The tremendous support from our investors, including a number of entrepreneurs with whom we’ve partnered, has allowed us to grow our team and re-double our efforts to back the next generation of innovative FinTech companies, all at a time of unprecedented growth in our market,” said Dan Kittredge, Managing Partner of Ten Coves.

“Fund III is off to a strong start with five exciting portfolio companies: Boosted.ai, Canopy Tax, Cassini Systems, Sentieo, and TealBook,” noted Ned May, Managing Partner of Ten Coves. “COVID-19 has served as an accelerant, dramatically increasing the pace of innovation and adoption of next-gen FinTech platforms; as a growing, independent firm, we’ve never felt better about our ability to support our partner companies and capitalize on the tremendous opportunity ahead.”

Forum Capital Securities LLC served as placement agent to Ten Coves and Proskauer served as legal counsel for Fund III.