(Bloomberg) -- Crosspoint Capital Partners LP, a private equity firm led by executives including ex-Symantec Corp. Chief Executive Officer Greg Clark and former Bain Capital dealmaker Ian Loring, raised $1.3 billion for its debut fund.
The firm, which focuses on security, privacy and infrastructure software investments, won backing from institutional investors including endowments and family offices to exceed an original $1 billion target for the vehicle, Crosspoint Capital Fund I.
“We’re pursuing a twist on the private equity industry,” Loring said in an interview, referring to Crosspoint’s narrow sector focus within the vast technology universe, and its team of senior industry executives. “We start with a view that there’s too much capital out there chasing too few opportunities, so to create great companies and returns for our investors, we have to know an area better than anyone else and add value post-deal,” he said.
Last year, the firm teamed up with Advent International to acquire cybersecurity company Forescout Technologies Inc. and Clark took the reins as CEO, a post he relinquished last month. Crosspoint operating partners Nick Noviello and Steve Tchejeyan were appointed Forescout’s chief operating officer and chief revenue officer, respectively.
“We’ve been able to really dig in and drive cost transformation while still accelerating growth,” said Clark, noting that Forescout’s earnings before interest, taxes, depreciation and amortization, or Ebitda, are no longer negative. Clark and Loring met in 2015 when Bain acquired Blue Coat Systems from Thoma Bravo. At that time, Clark was CEO of the enterprise security software company.
Crosspoint, which has offices in Menlo Park, California and Boston, aims to build a concentrated portfolio with five to eight investments in its first fund. These may include traditional buyouts, minority growth equity investments, structured wagers and corporate carve-outs.
Read more: Bain Capital Tech Dealmaker Loring Leaves to Join Crosspoint
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