Perkins Coie Helps Bow River Close $605 Million Software Fund

Perkins Coie advised Bow River Capital, a Denver-based alternative asset manager, on the close of its latest private equity fund targeting software-as-a-service companies, with $605 million in commitments.

The Bow River Capital Software Growth Equity Fund II was “significantly oversubscribed,” getting commitments from a broad group of investors. It beat its $500 million target and far outstripped the firm’s first software-as-a-service fund, which closed with $160 million in 2019, according to a statement.

The new fund will make majority-control investments of $25 million to $50 million as first institutional capital in boot-strapped, founder-led software-as-a-service companies, the statement said.

Bow River’s software growth equity team most recently added human capital management platform HRSoft. Earlier investments include insurtech company Insurium and communications software company Xima Software, according to Bow River’s website.

The team in 2021 recapitalized accommodation management software company AbsenceSoft, selling a majority stake to Norwest Venture Partners. In July 2022, it sold a majority stake to Marlin Equity in Altvia, which provides cloud-based private equity software for fund managers. In both cases the Bow River fund retained minority stakes in the companies.

Perkins Coie said its team advising Bow River Capital on the new fund was led by private investment funds partner Elizabeth Sipes, with counsel Paul Kim. It also included senior counsel Richard Peterson, partner Gwen Williamson, partner Susan Daley and partner Jesse Kanach.