Three Firms Dial Trinity Hunt’s $618 Million Continuation Fund

Kirkland & Ellis advised Trinity Hunt Partners on the Dallas-based private equity firm’s $618 million closing of its first continuation fund.

Trinity Hunt said the capital raise for the fund was led by investment firms StepStone Group and Schroders Capital, with additional commitments from new and existing investors. The fund will support acquisitions of technology services companies Argano and Improving from its Trinity Hunt Partners V, L.P. fund, which has already invested into and grown the companies, according to a statement.

No financial details were disclosed for the acquisitions. Debevoise & Plimpton counseled StepStone, while Proskauer Rose advised Schroders Capital.

The continuation fund also has “a substantial pool of capital” to support follow-on investments for the companies’ continued growth, the statement said.

Argano is a digital consultancy focused on optimizing client operations, with capabilities including commerce, billing, and enterprise resource planning, among others. Improving provides IT services including training, consulting, recruiting, and project services.

Trinity Hunt Managing Partner Blake Apel said the two companies have already provided attractive returns to the firm’s existing investors. “We believe there is additional value at these companies that can be unlocked with additional time and capital.”

Kirkland said its team advising Trinity Hunt Partners was led by investment funds partners Matt Nadworny, Ian Jelsma, and Damian Jacobs, with support from corporate partners Thomas Laughlin and Jack Shirley and tax partner Stephen Butler.