# True Wind Capital
True Wind Capital is a San Francisco-based private equity firm founded by Adam H. Clammer and James H. Greene, Jr., who previously built and led KKR's Global Technology Group, and it invests in lower middle-market technology and technology-enabled companies.[1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/) • [2](https://9at.com/Adviser/801-107575) Per its March 2026 Form ADV-derived data, it manages 13 private funds with approximately $2.2 billion in gross asset value (unverified).[3](https://fundvendors.com/firms/true-wind-capital-management-l-p) Its regulatory filing states the firm was established in 2014, while its own website and press releases say it launched in 2015; both dates appear in the record.[2](https://9at.com/Adviser/801-107575) • [4](https://truewind.com/about/)
| Key fact | Detail |
|---|---|
| Founders | Adam H. Clammer and James H. Greene, Jr., former heads of KKR's Global Technology Group[1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/) |
| Headquarters | San Francisco, California (sole office)[2](https://9at.com/Adviser/801-107575) |
| Founded | 2014 per Form ADV; 2015 per the firm's own materials[2](https://9at.com/Adviser/801-107575) • [4](https://truewind.com/about/) |
| Focus | Private equity in lower middle-market IT and technology-enabled companies[2](https://9at.com/Adviser/801-107575) |
| Fund I / Fund II | $558 million sold (2017 Form D); $817 million equity commitments closed November 2021[5](https://www.sec.gov/Archives/edgar/data/1645139/000164513917000001/0001645139-17-000001.txt) • [1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/) |
| Scale | ~$2.08 billion regulatory AUM; 13 private funds and ~$2.2 billion gross asset value per March 2026 filing data (unverified)[2](https://9at.com/Adviser/801-107575) • [3](https://fundvendors.com/firms/true-wind-capital-management-l-p) |
| Status (through 2026) | Active; Fund III Form D filed March 2025 and showing $175 million gross assets by March 2026 (unverified)[6](https://www.sec.gov/Archives/edgar/data/2057517/000205751725000001/0002057517-25-000001.txt) • [3](https://fundvendors.com/firms/true-wind-capital-management-l-p) |
## History and people
The firm's Form ADV names Adam H. Clammer and James H. Greene, Jr. as its principal owners and Founders; its Form D filings list True Wind Capital GP, LLC as general partner of Fund I and True Wind Capital GP III, LLC as general partner of Fund III, with Clammer and Greene as managing members of each.[2](https://9at.com/Adviser/801-107575) • [5](https://www.sec.gov/Archives/edgar/data/1645139/000164513917000001/0001645139-17-000001.txt) • [6](https://www.sec.gov/Archives/edgar/data/2057517/000205751725000001/0002057517-25-000001.txt) Clammer signed both the 2017 Fund I Form D amendment and the 2025 Fund III Form D as Managing Member of the general partner.[5](https://www.sec.gov/Archives/edgar/data/1645139/000164513917000001/0001645139-17-000001.txt) • [6](https://www.sec.gov/Archives/edgar/data/2057517/000205751725000001/0002057517-25-000001.txt) According to the firm's website, the two founders together built KKR's Global Technology Group before starting True Wind.[4](https://truewind.com/about/)
The firm reports 28 employees, 17 of whom perform investment advisory functions, from its sole San Francisco office.[2](https://9at.com/Adviser/801-107575)
## Investment strategy
Per its Form ADV, True Wind focuses primarily on private equity investments in lower middle-market companies within global information technology and technology-enabled industries.[2](https://9at.com/Adviser/801-107575) The firm describes its portfolio as spanning the full range of transaction structures, including take-privates, carve-outs, buyouts, concurrent mergers, PIPEs, and sponsor-led IPOs.[4](https://truewind.com/about/) Examples it cites include the AIA Contract Documents carve-out and a PIPE investment in Zix that the firm says helped lead to OpenText's November 2021 acquisition of Zix.[4](https://truewind.com/about/)
The firm previously ran a SPAC program; its Form ADV states that in 2023 it dissolved its last SPAC and is no longer pursuing any SPAC activities or investments.[2](https://9at.com/Adviser/801-107575)
## Funds, by the numbers
**Fund I.** True Wind Capital, L.P., a Delaware limited partnership, reported total amounts sold of $558,025,000 in its Form D amendment signed by Clammer on February 15, 2017; the filing lists 74 investors and states the amount sold includes the sponsor's commitment.[5](https://www.sec.gov/Archives/edgar/data/1645139/000164513917000001/0001645139-17-000001.txt) The firm's press release describes the first fund as having raised $558 million in 2017.[1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/)
**Fund II.** On November 11, 2021, the firm announced the close of True Wind Capital II, L.P. with $817 million in equity commitments, which it said exceeded the fund's target.[1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/)
**Fund III.** True Wind Capital III, L.P., at Four Embarcadero Center in San Francisco, filed a Form D on March 19, 2025 reporting $0 sold at first closing, marking the fund's launch.[6](https://www.sec.gov/Archives/edgar/data/2057517/000205751725000001/0002057517-25-000001.txt) By the March 30, 2026 filing, Fund III reported $175 million in gross asset value, indicating it had begun investing (unverified).[3](https://fundvendors.com/firms/true-wind-capital-management-l-p)
**Aggregate.** The firm's latest Form ADV reports $2,078,315,040 in regulatory assets under management, all discretionary, across 12 private funds; the March 2026 filing data shows 13 funds and about $2.2 billion gross asset value, with Fund II at $862 million, Fund I at $386 million, a True Wind Capital Continuation, L.P. at $245 million, Fund II-A at $203 million, and Fund III at $175 million (unverified).[2](https://9at.com/Adviser/801-107575) • [3](https://fundvendors.com/firms/true-wind-capital-management-l-p)
## Portfolio and exits
The firm's press release lists notable Fund I investments as Open Lending (NASDAQ: LPRO), Sysnet Global Solutions, Zix (NASDAQ: ZIXI), Transflo, and LeadVenture; at the Fund II close the firm said it had completed 10 platform investments and 20 add-on acquisitions.[1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/) Fund II investments cited include AIA Contract Documents and [Rover Group](https://www.edgepedia.org/rover-group) (NASDAQ: ROVR).[1](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/) According to the firm's website, Zix was acquired by OpenText in November 2021, and True Wind helped LeadVenture complete 16 acquisitions growing it to more than 50,000 customers.[4](https://truewind.com/about/) In total the firm states it has completed 17 platform investments and dozens of add-on acquisitions since founding.[4](https://truewind.com/about/)
## Recent developments
Three developments mark the post-2023 record. The firm dissolved its last SPAC in 2023 and exited that activity.[2](https://9at.com/Adviser/801-107575) It launched Fund III, filing its Form D in March 2025 with no capital yet sold at first closing.[6](https://www.sec.gov/Archives/edgar/data/2057517/000205751725000001/0002057517-25-000001.txt) And a continuation vehicle, True Wind Capital Continuation, L.P., appears in the March 2026 filing data at $245 million gross asset value, alongside Fund III's $175 million (unverified).[3](https://fundvendors.com/firms/true-wind-capital-management-l-p)
## References
1. [True Wind Capital Raises $817 Million for Second Fund (firm press release, Nov 11, 2021)](https://truewind.com/news/true-wind-capital-raises-817-million-for-second-fund/)
2. [TRUE WIND CAPITAL MANAGEMENT, L.P. — Form ADV Summary](https://9at.com/Adviser/801-107575)
3. [TRUE WIND CAPITAL MANAGEMENT, L.P. — Investment Adviser (Form ADV-derived fund data)](https://fundvendors.com/firms/true-wind-capital-management-l-p)
4. [About — True Wind (firm website)](https://truewind.com/about/)
5. [SEC Form D/A — True Wind Capital, L.P. (CIK 0001645139)](https://www.sec.gov/Archives/edgar/data/1645139/000164513917000001/0001645139-17-000001.txt)
6. [SEC Form D — True Wind Capital III, L.P. (CIK 0002057517)](https://www.sec.gov/Archives/edgar/data/2057517/000205751725000001/0002057517-25-000001.txt)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Buyout and control firms › Middle-market buyout firms › Southern, Midwestern, and Western US firms*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license