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Accel-KKR Capital Partners CV III pulls in $1.39B

Accel-KKR LLC raised approximately $1.39 billion for Accel-KKR Capital Partners CV III LP.

The continuation fund consists of about $1.16 billion in new capital commitments that have financed the acquisition of four remaining portfolio companies of Accel-KKR III LP, or Accel-KKR Capital Partners III LP.

It also includes a new $225 million commitment that will be used to fund follow-on investments in payments software platform Paymentus, workforce management software and services company iSolved, supply chain management software and services provider TrueCommerce and outsourced human resources and benefits solutions company Infinisource.

Lead investors Goldman Sachs Vintage Funds, GIC and Adams Street committed to the fund, alongside secondary and primary investors including existing limited partners of Accel-KKR Capital Partners III, which had the option to reinvest into the acquisition fund or receive full or partial liquidity. Accel-KKR employees, as a group, are the largest investor in Accel-KKR Capital Partners CV III.

Evercore was financial adviser to Accel-KKR Capital Partners III, while Kirkland & Ellis was legal adviser to the funds and Accel-KKR.