The private equity firm mastering the art of the tech buyout
In short: In the high-stakes world of private equity, Francisco Partners has carved out a dominant niche by specializing in technology buyouts. From acquiring massive conglomerate divisions to taking public companies private, they have consistently ranked as top performers, turning complex software and hardware assets into powerhouse portfolio companies.
Founded in August 1999 in Menlo Park, California, Francisco Partners emerged during a pivotal era for dedicated technology buyout firms. The firm was established by a group of seasoned professionals, including Sanford Robertson—who previously founded the investment bank Robertson Stephens—and Dipanjan Deb, who left TPG Capital to help launch the company. Their strategy focuses on maturing technology companies across diverse sectors like semiconductors, healthcare, and communications.
The firm's growth is marked by significant capital milestones and high-profile acquisitions. By 2012, their funds held about $7 billion in capital. They have demonstrated a willingness to engage in complex deals, such as purchasing the $3.4 billion VeriFone in 2018 or the $6.5 billion New Relic deal in July 2023 with TPG Inc. Notably, they also manage specialized funds like 'Agility,' which targets smaller technology deals, and various credit funds that have raised billions in committed capital.
The top position within the 2025 HEC Paris Dow Jones "Large Buyout" performance list was secured by Francisco Partners. However, their path hasn't been without scrutiny. In 2016, they faced press controversy for investing in SonicWall while already owning its competitor, WatchGuard—a move that defied typical private equity norms regarding competing interests within a portfolio.
Today, the firm is led by founder Dipanjan Deb and co-presidents Ezra Perlman and Deep Shah. They continue to expand their reach globally with offices in San Francisco, London, and New York City, maintaining a reputation for being 'Founder Friendly' while aggressively pursuing majority stakes in companies that define the modern digital infrastructure.
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Sources
- Summary by Intellect · source: Francisco Partners
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