FTV Capital Hauls in Record $4.05B Across Two Growth Equity Funds
Growth equity firm FTV Capital has raised $4.05 billion across two funds. The firm’s eighth flagship fund, FTV VIII, closed at $3.4 billion, exceeding its target and substantially surpassing its predecessor fund’s $2.35 billion raise in March 2022. Additionally, FTV launched a new vehicle, FTV Ascend I, which closed at $651 million and will focus on smaller investments.
FTV VIII will seek equity investments ranging from $60 million to $300 million, while Ascend I will deploy funds in the $20 million to $60 million range. Both funds plan to make control and minority investments in enterprise and financial technology companies.
“We’re thrilled to launch Ascend I alongside our flagship fund so that we can support more entrepreneurs across a broader equity check spectrum,” said Brad Bernstein, managing partner at FTV Capital. The firm has invested over $6.7 billion in 149 portfolio companies since its founding in 1998.
The funding follows the firm’s strong performance in 2024, when it generated over $1 billion in realizations and deployed $1.6 billion in investments including Orbus Software, ParkHub, VALD, and Zema Global.
Along with the fundraising announcement, the firm announced several leadership promotions. Karen Derr Gilbert, who joined the firm in 1999, has been named a partner and COO. Mike Cichowski and Alex Malvone were named co-heads of FTV Ascend, with Brent Fierro and Paul Cabral promoted to partner positions.
Kirkland & Ellis served as fund counsel for the raise.