• AuldBrass Partners IPO announced its IPO at $22.00 per share and closed the day trading at $35.50 per share (NASDAQ: BILL). The company is an Auldbrass Partners Secondary Opportunity Fund II* investment acquired in Q3 2017 as part of the Project Sage portfolio, which was purchased at an effective price of 73.4%. sold 9.82 million shares in its offering and raised around $216 million. At the closing share price on the first day of trading the market capitalization was $2.5 billion. At its current value, the investment has generated a 5.92x gross MOIC.

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*In April of 2019, Auldbrass Partners completed the final close for Secondary Opportunity Fund II at $185.6 million, which includes $92.9 million of co-investments.


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