Invictus Growth Partners has closed its second flagship fund with $574 million in total commitments, surpassing its original $350 million target and exceeding the $450 million hard cap.
The raise includes $488 million for the main fund and $86 million in co-investment capital.
Founded by a diverse leadership team, Invictus focuses on growth buyouts of enterprise software companies, particularly those in cloud, cybersecurity, and fintech.
What sets them apart is a strategy centered on bootstrapped or lightly capitalized businesses generating $10M+ in ARR, many of which are founder-led and under the radar of traditional PE.
AI-Powered Deal Sourcing and Value Creation
A major differentiator for Invictus is its proprietary AI platform, DIANE (Deal Intelligence Assessment Neural Engine).
Developed in-house, DIANE is used not just for sourcing deals, but also to help portfolio companies scale go-to-market efforts. According to the firm, 83% of its deals to date have been sourced using this AI engine, and companies have seen up to 90% improvements in direct sales efficiency.
Backing this tech-enabled approach is the Invictus Guild—a network of seasoned operators who provide hands-on support across sales, marketing, finance, and product. Guild members also co-invest alongside Invictus, creating alignment with founders and LPs alike.
New and Returning LPs
More than two-thirds of Fund II’s commitments came from new investors. Notable LPs include the New Mexico State Investment Council and the New York State Common Retirement Fund, alongside foundations, family offices, and health systems.
Portfolio in Motion
With over a quarter of the fund already deployed, Invictus has backed companies like:
- ThreatModeler – Cybersecurity threat modeling platform
- Campfire Interactive – SaaS for manufacturing decision-making
- StructuredWeb – Channel marketing automation powered by AI
A fourth investment is already underway.
In an increasingly competitive private capital landscape, Invictus stands out for its disciplined focus, operator-led execution, and technology-driven edge.
This latest fund marks a major milestone for the firm—and a signal to the market that there’s a growing appetite to back founders building sustainable, capital-efficient software businesses.
