Carrick Capital Partners, a growth-oriented investment firm focused on operationally scaling B2B software and technology-enabled businesses, closed a single-asset continuation vehicle (CV) for Saviynt, an identity security company, with approximately $600 million in capital commitments. The transaction includes a new $255 million investment in the company with meaningful participation from Carrick’s GPs.
Coller Capital was the lead investor and HSBC Asset Management acted as co-lead investor in the new vehicle, which offered Carrick’s existing limited partners the option to roll their equity into the CV or realize a 11x gross multiple (10x net) on invested capital in Carrick’s initial investment. Carrick’s new investment was made as part of the final close of Saviynt’s Series B financing and helped fund a tender offer that provided liquidity to company employees. Together, the transactions extend Carrick’s partnership with a proven platform and align the firm with Saviynt’s management team and new Series B investors in delivering long-term value.
Carrick identified Saviynt through the firm’s thematic sourcing work in cybersecurity, and built a relationship with the founding team before they raised institutional capital. As Saviynt’s only institutional investor until their Series B, Carrick led the Company’s $35 million Series A and supported Saviynt’s growth with follow-on financings while partnering closely with management on leadership expansion, go-to-market, and board development through the firm’s ABV (Approach to Building Value).
“Our limited partners entrust us to source exceptional companies before others see them, concentrate behind our highest-conviction ideas, and build durable value through operating performance rather than financial engineering,” Marc McMorris, co-CEO of Carrick, said.
“This transaction delivered on that promise, providing our LPs a meaningful realization alongside the choice to stay invested in the company’s next chapter. The caliber of investors who backed the vehicle speaks to the strength of both Saviynt and the Carrick model,” Jim Madden, co-CEO of Carrick, said.
“We underwrote a simple thesis years ago: identity would become the control plane of enterprise security. The AI era has proven it. Enterprises cannot deploy AI they cannot trust, which makes identity security the business enabler for AI adoption at scale,” Chris Wenner, managing director at Carrick and Saviynt board member, said. “Saviynt built the unified platform to govern every identity, human, non-human and AI agent, and we are tripling down because we believe it will be the leader in unified identity.”
Sachin Nayyar, founder and CEO of Saviynt, added, “The defining security problem of the AI era is that enterprises are now accountable for AI agents and non-human identities that act at machine speed. The platform we have built solves this problem by providing visibility, protection and governance. Carrick has been our partner and shared our vision from our first institutional round when Saviynt was focused on cloud-native identity governance, through our evolution to address AI-era identity security. This capital commitment underscores their continuing conviction and strengthens our ability to move even faster for our customers.”
The new capital positions Saviynt to accelerate product development across the Identity Cloud and Zuma, extend its leadership in AI and agentic identity security, and deepen integrations with hyperscalers, SaaS platforms and global systems integrators, while continuing to serve its blue-chip base of enterprise customers worldwide.
Robert W. Baird served as financial advisor to Carrick. Proskauer Rose served as legal counsel to Carrick on the CV, and Latham & Watkins served as legal counsel to Carrick on its new investment.
