Fifth Street Exits SugarSync Debt Investment
Fifth Street Finance successfully exited its venture debt investment in SugarSync. The $6.5 million senior secured term loan was originated by Fifth Street Technology Partners in November 2013, and funded by FSC. SugarSync has since repaid the loan.
“We are delighted to have been a source of senior financing for SugarSync,” stated Ivelin M. Dimitrov, FSC’s chief investment officer. “The favorable structuring and exit terms of the SugarSync debt investment, originated by Fifth Street Technology Partners, provided for an internal rate of return in excess of 20 percent for FSC.”
“The successful roundtrip of our investment in SugarSync marks one of the many achievements this year for Fifth Street Technology Partners as we continue to build our brand within the venture capital community,” stated Michael David, managing director and head of Fifth Street Technology Partners. “The momentum we are building in the venture debt space reflects our ability to source attractive investment opportunities with mid-to-late stage technology companies and we are pleased that the demand from both equity sponsors and leading technology companies continues to strengthen.”