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Flush With Cash, Private Equity Rainmakers Set Out on Their Own

  • First-time founders raise huge sums for inaugural funds
  • ‘They’re striking while the iron is hot,’ says a lawyer
Stacks of U.S. $100 bills are arranged for a photograph in New York, U.S., on Thursday, Feb. 7, 2013. The U.S. dollar advanced in trading today to the highest in almost three weeks against a basket of major currencies.
Photographer: Scott Eells/Bloomberg

In his almost two decades at KKR & Co., Adam Clammer helped lead some of its bigger investments in technology, such as Go Daddy and NXP Semiconductors. Then, he got the itch to do what a lot of his peers are doing: to go out on his own.

With another ex-KKR partner, Jamie Greene, the 47-year-old Clammer left the giant private equity shop to set up True Wind Capital Management in San Francisco, an investing firm focused on midsize tech companies. Earlier this year, the dealmaker duo finished raising $560 million for their maiden fund, exceeding their goal by 40 percent. With a few deals under their belt, they’re on the prowl for more.