Trinity Hunt Announces Successful Closing of $618 Million Continuation Fund for Portfolio Companies Improving and Argano
Led By StepStone Group and Schroders Capital with Additional Commitments from New and Existing Investors
(DALLAS) – Trinity Hunt Partners, a growth-oriented private equity firm, today announced the closing of its first Continuation Fund, raising capital to support the acquisitions of Argano and Improving, two premier technology services companies, from Trinity Hunt Partners V, L.P. The Continuation Fund closed on $618 million in commitments, which includes a substantial pool of capital for follow-on investments to support the continued growth of the companies.
Adam Johnston, Partner at StepStone said, “We seek to partner with best-in-class sponsors to create solutions for their highest quality assets, and this transaction is a great example of both. We’re excited to build on our partnership with Trinity Hunt in a transaction that will support these two companies in their continued value creation.”
During its ownership period in Improving and Argano, Trinity Hunt has worked to rapidly grow each business through an intense focus on organic growth, add-on acquisitions, and investments in people and culture. With additional capital support, Trinity Hunt will continue to seek to execute on this growth strategy.
“The closing of our first continuation fund is an important milestone for Trinity Hunt,” said Blake Apel, Managing Partner. “We are extremely proud of the success that these two leading companies have achieved thus far in our partnerships together, and the attractive returns we have been able to provide to our existing investors. We believe there is additional value at these companies that can be unlocked with additional time and capital.”
“We are very excited to expand our partnership with Trinity Hunt and these two exceptional companies,” added David Guryn, Senior Investment Director at Schroders Capital.
Credit Suisse served as financial advisor, and Kirkland & Ellis LLP served as legal advisor to Trinity Hunt. Debevoise & Plimpton LLP provided legal counsel to StepStone, while Proskauer provided legal counsel to Schroders Capital. Terms were not disclosed.
Argano is a leading digital consultancy focused on optimizing client operations by modernizing, integrating and automating their Digital Foundations, with capabilities including commerce, billing, enterprise resource planning, supply chain, human capital, analytics, reporting and performance management. Argano serves over 1,500 clients across industries with a talent pool spanning 38 countries. For more information, visit argano.com.
Improving is a modern digital services organization focused on delivering impactful business solutions using the latest technologies. The company has an international presence with 16 offices across the United States, Canada, and Mexico. To learn more about Improving, visit improving.com.
About Trinity Hunt Partners
Trinity Hunt Partners is a growth-oriented middle market private equity firm with over $1.5 billion of assets under management focused on building leading business, healthcare, and consumer services companies. Trinity Hunt has earned a reputation for providing the strategic, operational, and financial capabilities needed to take entrepreneurial services companies to the next level. For more information, visit www.trinityhunt.com.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory, data and administrative services to its clients. As of June 30, 2022, StepStone oversaw approximately $588 billion of private markets allocations, including approximately $137 billion of assets under management. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. For more information, visit www.stepstonegroup.com.
About Schroders Capital
Schroders Capital provides investors with access to a broad range of private asset investment opportunities, portfolio building blocks and customized private asset strategies. With approximately $88 billion in assets under management as of June 30, 2022, Schroders Capital focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customized private asset mandates. For more information, visit www.schroderscapital.com.