Crosspoint Capital Partners raises $1.3 billion for its first private equity fund to invest in cybersecurity and privacy tech startups
Crosspoint Capital Partners is a newly formed private equity investment firm focused on the cybersecurity and privacy industries. The firm has assembled a group of highly successful technology visionaries, investors, and operators to partner with foundational technology companies, transform the cybersecurity and privacy industries and drive outsized returns.
Today, Crosspoint announced it has closed $1.3 billion for its Crosspoint Capital Fund I (“Fund I”) to invest in cybersecurity, privacy, and infrastructure software sectors. The Fund I funding, which exceeded its target of $1 billion, is one of the largest first-time, technology-focused private equity funds ever raised.
Founded in 2020, Crosspoint’s managing Partners include Greg Clark, Ian Loring, Steve Luczo, Matt MacKenzie, and Hugh Thompson. Crosspoint expects to have a concentrated portfolio of investments in Fund I given the firm’s focus on operations and value creation post-investment.
“Private equity is an exceedingly competitive industry and simply having capital is no longer a source of differentiation. We are pursuing a new and differentiated model for private equity investing that combines deep sector knowledge, operational capabilities, and investment expertise to build better businesses,” said Greg Clark, Managing Partner of Crosspoint. “Our unique skillsets give us deep insights into what we are buying, help us identify opportunities to create value, and partner with management teams to accelerate the innovation, growth, and profitability of our investments.”
“We are thrilled with the support we received from the LP community, especially against the backdrop of the global COVID-19 pandemic, which has depressed fundraising for many first-time private equity funds,” said Ian Loring, Managing Partner of Crosspoint. “Our Fund I limited partners include some of the most respected investors in the private equity industry, which speaks both to their conviction in our mission-driven focus to help build great businesses and to the incredible team we have assembled.”
“Crosspoint’s strategy of combining investors, operators, and sector experts among the leadership of the firm and investing in a concentrated portfolio within a large and growing sector of the broader technology market has been well received by the investor community,” said Sean Keene, Partner at PJT Park Hill. “We are increasingly seeing investors seek differentiated returns through sector-focused private equity firms like Crosspoint.”
Crosspoint made its first significant investment in Forescout Technologies, Inc., a cybersecurity company focused on providing an active defense for the enterprise of things. Crosspoint intends to focus on several transaction archetypes in Fund I, including control buyouts, minority growth equity investments, corporate carve-outs, and structured investment opportunities.