Carrick closes $600M continuation fund, puts fresh $255M into Saviynt
What's the deal? Carrick Capital PartnersDealroom has a profile for this one. Try Dealroom → has closed a single-asset continuation vehicle for identity security firm Saviynt with roughly $600 million in commitments. The transaction includes a new $255 million investment — the largest in Carrick's history — with participation from the firm's general partners.
Who's backing it? Coller CapitalDealroom has a profile for this one. Try Dealroom → led the vehicle, with HSBC Asset ManagementDealroom has a profile for this one. Try Dealroom → as co-lead investor. Existing limited partners could roll their equity into the vehicle or realise an 11x gross multiple (10x net) on Carrick's initial investment.
Why now? Carrick's new capital came as part of the final close of Saviynt's $700 million Series B, which valued the company at about $3 billion. The investment also funded a tender offer providing liquidity to Saviynt employees.
By the numbers: Saviynt recently passed $300 million in annual recurring revenue, up from roughly $10 million when Carrick first invested. This year the company grew bookings by more than 80% and held a 96% customer retention rate.
What's the endgame? Saviynt has launched Zuma, an enterprise AI identity security platform that lets organisations discover, protect, and govern AI agents, large language models, and non-human identities alongside human staff. It extends the Saviynt Identity Cloud, which converges governance, privileged access management, and identity security posture management.
The backstory: Carrick sourced Saviynt through its cybersecurity work and was the company's only institutional investor until the Series B, leading its $35 million Series A and later follow-on rounds.
"Our limited partners entrust us to source exceptional companies before others see them," said Marc McMorris, co-CEO of Carrick. Co-CEO Jim Madden added that "the caliber of investors who backed the vehicle speaks to the strength of both Saviynt and the Carrick model."
The signal: Single-asset continuation vehicles are increasingly common as investors seek liquidity in a slow exit market while retaining exposure to winners. Carrick's bet reflects a broader thesis that identity — human, non-human, and AI — is becoming the control plane of enterprise security as companies deploy AI at scale.
Image credit: Generated with Gemini
