We advised PSG on the fundraise for PSG VI and a multi-asset GP-led secondary continuation fund transaction

Davis Polk advised PSG Equity L.L.C. in connection with the formation, fundraise and related matters for its sixth North American flagship fund, PSG VI L.P. (together with its affiliated investment vehicles, “PSG VI”). PSG closed the fund with $6 billion in commitments, surpassing its $4.7 billion predecessor fund. The fund received commitments from new and existing investors, including state and corporate pensions, sovereign wealth funds and family offices.

In addition, Davis Polk advised PSG in connection with a multi-asset continuation fund transaction whereby earlier PSG funds sold their interests in six portfolio companies to PSG Sequel L.P. (together with its affiliated investment vehicles, “PSG Sequel”). PSG Sequel closed with $2 billion in commitments from blue-chip institutional investors, including, among others, GIC, StepStone and funds managed by Hamilton Lane.

PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed over 150 companies and facilitated over 500 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Madrid, Paris and Tel Aviv.

The Davis Polk investment management team included partners Alisa A. Waxman, Andrew M. Ahern and Luke P. Eldridge, counsel Amy Ross and associates Imad Rizkallah, Mariana Lozano Villarreal, Jonathan Ricottilli, Xudong (George) Tan, Rosina Curren and Richard Ripley. Partner Ethan R. Goldman and associates Dmitry Dobrovolskiy and David J. Beer provided tax advice. All members of the Davis Polk team are based in the New York office.

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