Key Takeaways
- • Carrick Capital Partners closed a $600 million single-asset continuation vehicle for Saviynt, with the firm committing $255 million in new capital—described as the largest investment in Carrick's history.
- • Saviynt has scaled from $10 million in annual recurring revenue at Carrick's Series A entry to $300 million ARR, with 80% bookings growth and 96% customer retention in the current year.
- • Existing Carrick limited partners realized an 11x gross return (10x net) on their original Saviynt investment or rolled equity into the continuation vehicle, which was led by Coller Capital with HSBC Asset Management as co-lead.
- • The new capital funded the final close of Saviynt's $700 million Series B round at a $3 billion valuation and supported an employee tender offer.
- • Carrick led Saviynt's $35 million Series A and was the company's sole institutional investor until the Series B, underscoring the firm's early-stage conviction in the identity security software category.
Summary
Carrick Capital Partners has successfully closed a $600 million continuation vehicle for Saviynt, an identity security software provider, marking a significant capital deployment for the firm. The continuation vehicle includes $255 million of new capital from Carrick, which the firm described as the largest single investment in its history. The vehicle was structured to allow existing limited partners the choice to realize an 11x gross multiple (10x net) on their original investment or to roll their equity into the new continuation fund. Coller Capital led the investor consortium, with HSBC Asset Management serving as co-lead.
Saviynt's financial trajectory demonstrates substantial operational progress since Carrick's initial Series A investment of $35 million. The company has grown annual recurring revenue from approximately $10 million to over $300 million, representing a 30-fold expansion. In the current fiscal year, Saviynt achieved 80% bookings growth alongside a 96% customer retention rate, metrics that underscore strong market demand and customer satisfaction in the identity security software segment. The company's software controls access to organizational applications and infrastructure across human employees, machine accounts, and AI agents—a market segment increasingly critical as enterprises manage identity governance across expanding technology ecosystems.
The new capital from Carrick and the continuation vehicle funded the final close of Saviynt's Series B financing round, which raised $700 million at a $3 billion valuation. The proceeds also supported an employee tender offer, allowing early-stage participants to achieve partial liquidity. Carrick's role as sole institutional investor through Series A positions the firm as a foundational backer; the Series B represents the company's transition to broader institutional capital.
Legal and financial advisors included Robert W. Baird & Co., which advised Carrick; Proskauer Rose on the continuation vehicle structure; and Latham & Watkins on the new investment terms. Carrick co-chief executives Marc McMorris and Jim Madden highlighted the firm's approach of identifying companies at early stages and generating value through operational performance—a thesis validated by Saviynt's revenue growth and margin expansion trajectory.
Saviynt's financial trajectory demonstrates substantial operational progress since Carrick's initial Series A investment of $35 million. The company has grown annual recurring revenue from approximately $10 million to over $300 million, representing a 30-fold expansion. In the current fiscal year, Saviynt achieved 80% bookings growth alongside a 96% customer retention rate, metrics that underscore strong market demand and customer satisfaction in the identity security software segment. The company's software controls access to organizational applications and infrastructure across human employees, machine accounts, and AI agents—a market segment increasingly critical as enterprises manage identity governance across expanding technology ecosystems.
The new capital from Carrick and the continuation vehicle funded the final close of Saviynt's Series B financing round, which raised $700 million at a $3 billion valuation. The proceeds also supported an employee tender offer, allowing early-stage participants to achieve partial liquidity. Carrick's role as sole institutional investor through Series A positions the firm as a foundational backer; the Series B represents the company's transition to broader institutional capital.
Legal and financial advisors included Robert W. Baird & Co., which advised Carrick; Proskauer Rose on the continuation vehicle structure; and Latham & Watkins on the new investment terms. Carrick co-chief executives Marc McMorris and Jim Madden highlighted the firm's approach of identifying companies at early stages and generating value through operational performance—a thesis validated by Saviynt's revenue growth and margin expansion trajectory.
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