# True Wind Capital

True Wind Capital is a Private Equity based in San Francisco, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** truewind.com
- **LinkedIn:** https://www.linkedin.com/company/true-wind-capital

## Regulatory record

- **CRD number:** 281109
- **SEC file number:** 801-107575
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/281109

## About

True Wind Capital is an SEC-registered investment adviser in San Francisco, CA, registered since 2016. The firm manages $2.1 billion in regulatory assets. It has 28 employees and 17 investment advisers.

## Sectors

- Enterprise Software
- FinTech
- Industrial Tech
- AI/ML

## People

- Adam Clammer — Founder & Managing Partner
- James Greene — Founder & Managing Partner

## Questions

### Who runs investment decisions at 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.

### How does True Wind Capital source proprietary deal flow?

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.

### Does True Wind participate in fund commitments or only direct deals?

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.

### How does True Wind's operational model differ from other technology-focused private equity firms?

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.

### What is True Wind's known posture on co-investments alongside external GPs?

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.

### Which sectors does True Wind Capital explicitly avoid?

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.

## Related profiles

- [True West Capital Partners](https://altss.com/profile/true-west-capital-partners)
- [Truffle Ventures](https://altss.com/profile/truffle-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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