Kennet Partners

Kennet provides growth equity to founder-owned, capital-efficient B2B software and SaaS businesses that have reached $3 million to $20 million in annual recurring revenue. The firm typically writes $10 million to $50 million equity checks and takes minority stakes without requiring management changes. The strategy has remained consistent since 1997, spanning six institutional funds and more than $1.1 billion in committed capital.

Kennet invests primarily in Europe, with deep coverage of the UK, Germany, France, and the Nordics. The firm also makes selected investments in US-based software companies. A defining characteristic is its transatlantic operating capability — investment professionals are based in both London and the United States, enabling portfolio companies to use Kennet's network and presence for US market entry and expansion.

Kennet's sourcing advantage stems from its three-decade focus on bootstrapped B2B software founders who have deliberately avoided outside capital. The firm's posture of investing without forcing management changes or taking control positions appeals to founders who want growth capital but not operational interference. Its transatlantic presence also surfaces European SaaS companies planning US expansion before they formally run a process.

Kennet typically leads or co-leads growth equity rounds in its portfolio companies, acting as the first institutional investor in founder-owned businesses. The firm generally does not operate as a passive co-investor alongside other lead investors, preferring to negotiate terms, structure, and governance directly with founders. Fund VI is structured to make 12 to 15 concentrated bets.

Kennet VI closed in April 2023 at €250 million, exceeding its original target. The fund continues the firm's strategy of concentrated, growth-stage B2B software investing, targeting 12 to 15 platform investments. It is the firm's sixth flagship vehicle, bringing total capital raised since 1997 to more than $1.1 billion (per the firm, April 2023).

Kennet has never invested outside B2B software and technology-enabled business services since its founding in 1997. The firm explicitly avoids consumer technology, hardware, biotech, cleantech, and any sector where recurring-revenue SaaS dynamics do not apply. Within software, it stays away from pre-revenue or R&D-stage companies.

Investment decisions are made by the partnership, led by Managing Directors Javier Rojas, Eric Filiatreau, and David Carratt. The firm has maintained a deliberately compact senior team across six funds, with all three managing directors active in deal origination, structuring, and portfolio governance. The partnership has remained stable, with the current leadership having worked together across multiple fund cycles.