Activant Capital has announced a new $257m fund to invest in commerce infrastructure technology.

Activant is a growth equity fund that invests in infrastructure platforms focused on efficiency across industries. The firm invests between $15 million to $60 million in high-growth companies.

Activant Capital and its New Fund

Activant Capital launched in 2014 and raised its first fund in 2015.

The new offering is the firm’s third fund and doubles its assets under management more than $500 million.

Founder Steve Sarracino was a founding member at Serent Capital, a lower-middle market private equity firm. Serent Capital focused on investing in high growth service and technology businesses.

Previously he helped open the technology investing office at American Capital in Palo Alto. Sarracino also worked at McKinsey & Co. in their Hong Kong office. He began his career in mergers and acquisitions at Robertson Stephens in San Francisco, CA.

Meanwhile, the firm has grown to 10 people and is investing primarily in the e-commerce infrastructure and payments sectors. Recent investments include Bolt a horizontally-integrated payments platform that combines lightning-fast checkout, payment processing, and fraud protection with full chargeback coverage; Deliverr, an end-to-end e-commerce fulfillment technology platform that provides online merchants with a simple way to enable lightning-fast shipping;  and Finix, a logistics and payment company based in San Francisco.

Finally, Activant takes a long-term view of the world, and the fund is expected to have a 15-year life cycle. Mr. Sarrantino also discussed this long-term view in a press release saying, “We’re not in a rush to exit. We can be patient, and we can continue to invest post-IPO.”

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