Maverix Private Equity, led by ex-OMERS Ventures CEO John Ruffolo, will soon roll out a second growth equity offering, sources familiar with the fundraising told affiliate title Buyouts.
Expected to open in the spring, Maverix Growth Equity Fund II is seeking $500 million, sources said, the same amount raised by the Toronto firm’s debut vehicle in 2021. The hard-cap has been set at $700 million.
Fund II will be marketed widely, sources said, and is expected to secure re-ups from limited partners who committed to its predecessor. LPs in Fund I included Bank of Montreal (BMO Financial Group), pension fund BCI, CIBC Capital Markets, Mattamy Asset Management and Venture Ontario, according to Buyoutsfundraising data (registration required).
Maverix was founded in 2019 by managing partner Ruffolo, who established OMERS Ventures in 2011 and ran it until 2018. While at OMERS, he also created OMERS Platform Investments, where he served as executive managing director, as well as OMERS Growth Equity.
John Ruffolo, Maverix Private Equity
Maverix was designed by Ruffolo to make significant minority growth investments of $50 million-$75 million in North American technology-enabled companies with revenue of $10 million-$100 million or greater.
Key to the strategy is the potential for Maverix-backed companies to grow rapidly and exploit digitalization now impacting traditional industries globally. Ruffolo spoke to the importance of this trend in Buyouts’ November cover story, “Tech investing reboots amid market dislocation.”
“What we’re witnessing is the transformation of the world from an industrial economy to a digital economy,” he said. “We’re only at the front end of this.”
Competitive edge
Over time, Maverix’s strategy has been tightened to provide further competitive differentiation, sources said. The firm’s tech-enabled growth and disruption focus has been wedded with “smart cities” and “smart enterprises,” investment themes currently on display in the portfolio.
For example, the “smart cities” theme is reflected in Fund I’s four last platform investments, sources said. They include Kode Labs, an autonomous smart-building company backed last year in a $30 million financing led by Maverix.
Another is Miovision, which two years ago secured $296 million in a deal co-led by Maverix to help cities reduce traffic congestion and vehicle emissions while improving public safety.
Differentiation may prove vital in a challenging fundraising market that is particularly hard on emerging managers. In fact, fewer are active, with 55 percent of respondents to Buyouts’ Emerging Manager Survey 2024, conducted with Gen II Fund Services, saying they are raising capital, down from 79 percent in 2023.
There appears, however, to be hope in the form of renewed LP interest. Coller Capital’s Winter 2024-25 survey found 50 percent of institutions saying the most interesting fund proposals of the past 12 months have come from newly formed sponsors.
Other members of Maverix’s team include co-managing partner Mark Maybank and partners Chris Hodgson, Eric Hoskins, Ken Nickerson and Mohit Talwar.
Maverix Private Equity, led by ex-OMERS Ventures CEO John Ruffolo, will soon roll out a second growth equity offering, sources familiar with the fundraising told affiliate title Buyouts.
Expected to open in the spring, Maverix Growth Equity Fund II is seeking $500 million, sources said, the same amount raised by the Toronto firm’s debut vehicle in 2021. The hard-cap has been set at $700 million.
Fund II will be marketed widely, sources said, and is expected to secure re-ups from limited partners who committed to its predecessor. LPs in Fund I included Bank of Montreal (BMO Financial Group), pension fund BCI, CIBC Capital Markets, Mattamy Asset Management and Venture Ontario, according to Buyoutsfundraising data (registration required).
Maverix was founded in 2019 by managing partner Ruffolo, who established OMERS Ventures in 2011 and ran it until 2018. While at OMERS, he also created OMERS Platform Investments, where he served as executive managing director, as well as OMERS Growth Equity.
John Ruffolo, Maverix Private Equity
Maverix was designed by Ruffolo to make significant minority growth investments of $50 million-$75 million in North American technology-enabled companies with revenue of $10 million-$100 million or greater.
Key to the strategy is the potential for Maverix-backed companies to grow rapidly and exploit digitalization now impacting traditional industries globally. Ruffolo spoke to the importance of this trend in Buyouts’ November cover story, “Tech investing reboots amid market dislocation.”
“What we’re witnessing is the transformation of the world from an industrial economy to a digital economy,” he said. “We’re only at the front end of this.”
Competitive edge
Over time, Maverix’s strategy has been tightened to provide further competitive differentiation, sources said. The firm’s tech-enabled growth and disruption focus has been wedded with “smart cities” and “smart enterprises,” investment themes currently on display in the portfolio.
For example, the “smart cities” theme is reflected in Fund I’s four last platform investments, sources said. They include Kode Labs, an autonomous smart-building company backed last year in a $30 million financing led by Maverix.
Another is Miovision, which two years ago secured $296 million in a deal co-led by Maverix to help cities reduce traffic congestion and vehicle emissions while improving public safety.
Differentiation may prove vital in a challenging fundraising market that is particularly hard on emerging managers. In fact, fewer are active, with 55 percent of respondents to Buyouts’ Emerging Manager Survey 2024, conducted with Gen II Fund Services, saying they are raising capital, down from 79 percent in 2023.
There appears, however, to be hope in the form of renewed LP interest. Coller Capital’s Winter 2024-25 survey found 50 percent of institutions saying the most interesting fund proposals of the past 12 months have come from newly formed sponsors.
Other members of Maverix’s team include co-managing partner Mark Maybank and partners Chris Hodgson, Eric Hoskins, Ken Nickerson and Mohit Talwar.
