Goldman Sachs Asset Management's Petershill Unit Takes Minority Stake In Accel-KKR

May 2 2017 | 10:46pm ET

Goldman Sachs Asset Management’s Petershill division has taken a minority equity stake in technology-focused private equity company Accel-KKR.

The stake is passive and non-voting, according to a statement, and is for less than 10%. Terms were not disclosed.

Proceeds from GSAM’s investment will be primarily used to increase Accel-KKR’s capital commitments to current strategies, the statement said, and to support potential new initiatives in the future. None of the capital is being distributed to the principals of Accel-KKR as part of the transaction.

“This investment follows a 15-year relationship between Accel-KKR and Goldman Sachs Asset Management under which Goldman Sachs Asset Management funds have invested across all three of Accel-KKR’s strategies – buyouts, growth capital and credit,” said Tom Barnds and Rob Palumbo, managing directors of Accel-KKR, in the statement. 

Barclays provided financial advice and Kirkland & Ellis provided legal advice to Accel-KKR in connection with the transaction.

Founded in 2000 as a partnership between Accel Partners and KKR, Menlo Park-based Accel-KKR focuses on software and IT-enabled middle-market businesses and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. The company manages more than $4.3 billion in capital commitments and invests across recapitalizations, divisional carve-outs and going-private transactions. 

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