True Wind Capital

Adam Clammer and James Greene, the firm's founders and managing partners, lead all investment decisions. Both were senior partners at KKR prior to launching True Wind in 2015. Clammer headed KKR's global technology team, while Greene co-led the Americas technology, media, and telecommunications practice. The partnership structure is flat, with no outside managing partners.

True Wind relies on the founders' deep KKR-era relationships with technology executives, founders, and intermediaries. Clammer and Greene each spent over a decade cultivating networks in enterprise software and tech-enabled services. The firm targets founder-owned and family-run businesses where a long-term relationship-based approach gives it an advantage over auction processes. Their thesis-driven sourcing model identifies sub-sectors before seeking specific platform investments.

True Wind focuses exclusively on control buyouts of profitable middle-market technology companies. Target companies typically generate $5 million to $50 million in EBITDA. The firm does not pursue venture capital, growth equity minority stakes, or distressed turnarounds. Its approach resembles classic private equity rather than the venture-style investing common among San Francisco-based technology firms.

True Wind invests directly in operating companies and does not operate as a fund-of-funds. The firm does not make LP commitments to outside private equity or venture capital funds. All capital is deployed through direct control acquisitions in the technology and tech-enabled services sectors.

True Wind maintains an in-house team of operating partners who embed with portfolio companies post-acquisition, a structure Clammer and Greene adapted from their KKR experience. The firm emphasizes operational value creation — sales force effectiveness, product roadmap execution, and pricing optimization — over financial engineering. This operating-partner model is unusual among middle-market technology buyout firms and reflects the founders' large-cap training.

True Wind structures its funds to accommodate LP co-investment rights on larger platform acquisitions, a feature that appealed to limited partners during fundraising. The firm also occasionally partners with domain-expert co-investors on specific deals, though it has not publicly established a formal co-investment club or consortium model. Decision-making authority remains with the True Wind partnership.

True Wind does not invest in biotechnology, pharmaceuticals, natural resources, or consumer internet companies. The firm's mandate is strictly limited to enterprise software, data and analytics, financial technology, and tech-enabled business services. Within technology, it avoids pre-revenue and deeply unprofitable businesses, given its control buyout and profitability requirement.