Siris Capital

The investment process is led by Co-Founders and Managing Partners Frank Baker and Jeffrey Hendren, alongside Chairman and Co-Founder Peter Berger. The three have worked together since 2011 and previously overlapped at Ripplewood Holdings. Partner Sandeep Guleria and Managing Director Dave Calamai serve on the firm's Investment and Operating Committees, with direct oversight of specific portfolio companies.

Siris sources through a thematic, subsector-driven approach within tech-enabled services, targeting companies with regulatory, market, or technological tailwinds. The firm's Executive Partners network — senior operators with relevant domain experience — participates in origination and validation. This embedded-operating model gives Siris access to situations that generalist firms often avoid, particularly corporate carve-outs, take-privates, and restructuring-driven opportunities.

Siris is a traditional private equity firm, not a family office. It raises institutional blind-pool funds — the firm has raised four institutional funds since 2011 — and manages capital on behalf of limited partners. The firm is manager-owned by its co-founders and senior team.

Siris focuses primarily on control-oriented direct platform investments in technology and technology-enabled services companies. The firm has also made non-control investments, but its core model is direct, control acquisitions where it can deploy operational resources through its Executive Partners program.

Siris targets mature companies with $10 million to $50 million of EBITDA and transaction values between $100 million and $500 million. The firm does not target early-stage or venture capital investments; its playbook involves control acquisitions of businesses that are already sizable but facing operational or market transitions.

Executive Partners are senior operating executives — not employees of Siris — who work with the firm throughout the investment lifecycle. They help identify and validate investment opportunities, serve on portfolio company boards, and partner with management teams to execute strategic initiatives. The model embeds domain-specific operating expertise into the deal process, distinguishing Siris from firms that bring in operating partners only post-close.

In December 2018, affiliates of Siris Capital Group and Evergreen Coast Capital — the tech-focused private equity arm of Elliott Management — agreed to acquire Travelport in an all-cash transaction valued at approximately $4.4 billion. The deal closed in May 2019 and represents one of Siris's largest transactions, structured through a co-investment partnership rather than a club deal or consortium.