An independent private equity firm with an exclusive focus on investments in high-growth fintech companies, Ten Coves Capital LP, has been formed in Darien.
Ten Coves Capital assumes management of the two Napier Park Financial Partners growth equity funds, with an aggregate of $325 million in committed capital, and will continue to support existing growth equity portfolio companies and investors.
The firm will be led by managing partners Steve Piaker, Dan Kittredge and Ned May, who will be joined by Steve Lula and Kyle Kruse. Manu Rana will participate as a founding partner and senior adviser; he will remain a partner at Napier Park, where he will continue leading its real assets investment business.
“The launching of the Ten Coves platform is a natural evolution of our business,” Piaker said. “We have been privileged to partner with numerous successful fintech entrepreneurs and establish a strong foundation within Napier Park. We are grateful for Napier Park”™s support over the years, and are excited to now build an independent private equity business to further capitalize on the opportunity ahead.”
The Ten Coves partners have helped scale nearly 40 fintech companies across payments, banking & lending, asset management, capital markets, and insurance & benefits, among other segments. Ten Coves portfolio companies include 7shifts, Bill.com, Bluefin Payments, DadeSystems, HealthEquity, TouchBistro and TrueMotion.
Proskauer and Dechert served as legal counsel to Ten Coves and the partners. Sidley Austin served as legal counsel to Napier Park.
