Silver Lake looks to raise new USD1 billion technology fund
Silver Lake Management LLC will seek to raise USD1 billion for a fund focused on mid-sized companies, sources told Bloomberg. Silver Lake is currently the biggest technology-focused private equity firm. Bloomberg, citing sources who refused to be identified, said the new fund will be managed by the firm's unit Silver Lake Sumeru LP. The tech fund is expected to launch next year.
According to the report, Sumeru's fundraising effort comes as the unit's founder Ajay Shah is taking a reduced role at the middle-market unit.
Sumeru was created in 2008 and raised a capital commitment of USD1.1 billion. The Silver Lake unit was among the backers of motion-tracking chip manufacturer PrimeSense Ltd. Sumeru invested USD50 million in the Israeli company in 2011, Bloomberg said.
Tech giant Apple Inc. has agreed this week to buy PrimeSense for USD350 million. This was at least the fourth exit of a Silver Lake Sumeru portfolio company to a strategic buyer, the report said.
Meanwhile, Silver Lake Management was established in 1999 and has a total of USD20 billion assets under management. Together with Michael Dell, it bought the computer company Dell Inc. for USD24.9 billion last month, Bloomberg said.