Prysm Capital Closes Inaugural Growth Equity Fund at $305 Million
PRINCETON, N.J., March 30, 2023 /PRNewswire/ — Prysm Capital (“Prysm” or the “firm”), a growth equity firm that invests in the technology, consumer and healthcare sectors, today announced the close of its inaugural fund, Prysm Capital Fund I, L.P. (the “fund”), with $305 million in capital commitments. The fund received support from a diverse institutional investor base, spanning public pension funds, corporate pension funds, university endowments, family offices and foundations.
Prysm Capital is focused on partnering with exceptional entrepreneurs and management teams who are building disruptive, generational and durable companies. The firm was founded in 2019 by Jay Park, Muhammad Mian and Matt Roberts, who previously worked together at BlackRock for nearly a decade. With offices in New York, Princeton and San Francisco, the firm currently manages over $1 billion in assets.
“We are humbled by and incredibly grateful for the trust and support from our capital partners and are excited to continue collaborating with founders and management teams,” said Mr. Park, Co-Founder and Managing Partner at Prysm. “This fundraise is an endorsement of what we have built at Prysm to date—our partnership approach to growth investing and our team.”
As a minority-owned firm, Prysm upholds the fundamental belief that diversity in thought drives better leadership, decision-making and outcomes. “We believe team and culture are the most durable competitive advantages. To that end, we’ve been intentional in building a diverse and inclusive firm—centered on character and integrity, collaboration and hustle, and transparency with all our partners,” said Mr. Park.
“We selected Prysm as a partner because we felt a strong cultural alignment between our companies—in our shared values, our investment in people and our focus on diversity,” said Jenny He, Co-Founder and CEO of Ergeon. “Prysm backs visionary companies, and we knew they recognized our ambition and long-term goals from day one. As we’ve scaled our business, the Prysm team has acted as an extension of our own, serving as strategic and active thought partners.”
Prysm is a flexible growth capital provider to management teams with a focus on active collaboration and partnership. Prysm employs a top-down thematic investing approach, coupled with bottom-up network-based sourcing, to identify emerging innovators and drive growth.
Steve Neel, Deputy Chief Investment Officer at the New Mexico Educational Retirement Board, said, “NMERB is committed to supporting new and innovative talent in the investment industry, and we believe in Prysm and its strategy. The Prysm team has a demonstrated history of generating differentiated investment opportunities, leveraging trusted relationships to partner with category-defining disruptors. Importantly, we remain dedicated to enabling diverse perspectives and nurturing a dynamic investment ecosystem.”
Acalyx Advisors served as placement agent and Kirkland & Ellis served as legal counsel for Prysm.
About Prysm Capital
Prysm Capital is a growth equity firm focused on partnering with founders and management teams who are disrupting industries and building category-leading companies. With offices in New York, Princeton and San Francisco, Prysm acts as a flexible source of growth capital for companies in the technology, consumer and healthcare sectors. For more information, please visit www.prysmcapital.com.
Adam Pollack / Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
Not an offer of any securities or of the investment advisory services of Prysm Capital, L.P. NMERB is an investor in the fund; Ergeon is a portfolio company in which the fund invested. None of Ergeon, NMERB or their respective representatives was compensated in connection with, or in exchange for, providing the endorsements included herein. The receipt of compensation, other benefits, or the opportunity to invest with lower or alternative compensation arrangements can provide endorsers with material incentives to recommend an investment adviser such as Prysm.