TVC Capital Closes $75M Fund

San Diego-based private equity firm TVC Capital, which is led by Jeb Spencer and Steven Hamerslag, has closed on a new, $75M growth equity and buyout fund, the firms said today. The new fund, TVC Capital II came from private equity fund of funds, institutional asset managers and family offices. TVC said the new fund will focus on investments and acquisitions of software companies and software-enabled service firms. TVC's prior investment include Accordent Technologies (Acquired by Polycom) and Del Mar Datatrac (sold to Ellie Mae). In the Accordent deal, TVC invested a mere $4M in the firm, which was sold for $50M, a move which resulted in the firm getting the "Most Efficient Capital Exit of the Year" award from the Los Angeles Venture Association last year.