It is with deep sorrow that we announce the passing of our former Partner, Dave Mazza. His contributions in the formative years of GroveStreet were impactful and lasting. We are grateful for his role in building the firm and his friendship. Dave’s obituary can be found here.
GroveStreet’s Patrick Sherwood is featured in the latest edition of Private Equity Findings published by the Coller Research Institute. In an article delving into a new model for private equity pacing and cash flow forecasting, Patrick and Alex Billias of Bella Private Markets discuss the merits of moving beyond widely used deterministic approaches such as those developed at Yale, to a probabilistic model drawing on actual cash flow data and arming allocators with a range of potential outcomes instead of sometimes misleading and often misunderstood point estimates. The new model developed by Bella and GroveStreet retains the core principles and intuition of the Yale model but is powered by simulation-based computations and actual portfolio data. Read more about the new model here.
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Aravind Srinivas, Co-Founder and CEO of Perplexity.ai, is in the vanguard of the AI revolution. Srinivas worked at Deepmind, Google, and OpenAI before starting Perplexity, an AI-chatbot ‘answer engine’ featuring natural language responses and citations, brazenly competing with Google. In the podcast Bartlett and Srinivas discuss how Google lacks alignment between its shareholders, its advertisers, and its core search users, therefore stifling innovation and leaving an opening for an AI-native entrants like Perplexity.ai to disrupt the current paradigm. GroveStreet has been a Redpoint investor since 2000.
Listen to this thought-provoking episode here, or wherever you get your podcasts.
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We are honored to announce that GroveStreet has reached $10.5 billion in investor commitments following the recent closing of four fund-of-one programs totaling $700 million. Two of these investors are celebrating 20 years partnering with GroveStreet and a third has surpassed 15 years. We are deeply grateful for the continued trust of our investors. The longevity of these client relationships is a testament to our shared vision of the important role of specialist buyout and venture managers in building strong private equity programs.
These commitments coincide with our 25th anniversary of partnering with highly experienced institutional investors from around the globe to build fully customized portfolios of buyout, venture, and co-investment exposures. Our founding vision of serving a select group of investors and delivering focused private equity mandates in highly engaged partnerships remains remarkably consistent yet distinctive.
Partner Promotions
The quarter-century milestone also coincides with the promotions of John Merrill, Mario Miranda, and Patrick Sherwood to Partner. John has more than 20 years of experience at endowment-style investment organizations including TIFF, Makena, and Cambridge Associates. Mario has been with the firm for over 6 years after a prior career at Goldman Sachs. Patrick has nearly 15 years of experience as an institutional LP, including 6 years at the Yale Endowment Office. Biographies for each can be found at https://www.grovestreet.com/our-team/.
Managing Partner Bruce Ou stated “John, Mario, and Patrick bring deep experience, differentiated insights, and expanded reach, continuing our multi-decade commitment to building a senior team of Partners with complementary skills and perspectives. They’ve each made meaningful contributions to GroveStreet during their time on the team, and we are excited to have them as Partners.”
Managing Partner and Co-founder Catherine Crockett continued “We formed GroveStreet with alignment, customization, and investor engagement as the core pillars of the firm. Every decision at GroveStreet, from investments to team configuration to technical infrastructure is made with these three foundational pillars at the forefront of our thinking.
It is pleasing to see how our model remains compelling to investors in a PE landscape otherwise focused on asset aggregation. And, it is especially rewarding to work with our talented investors, our venture and buyout teams, and now our newest GroveStreet Partners.”
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Harren Equity Partners exits its investment in Velosio, a leader in deploying business applications through the cloud via the Microsoft Dynamics portfolio, Office 365 family and Azure services. Court Square Capital acquired Velosio for an undisclosed amount.
Harren acquired Velosio in February 2019 and more than doubled profitability during their ownership by executing on strategic initiatives such as expanding the Company’s leadership, improving reporting functionality and completing three add-on acquisitions. GroveStreet first became a Harren LP in 2007. Read more about the deal here.
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GroveStreet has been an investor in Foundry since 2013. One of Foundry’s early investments was Rover, a company that has grown to become the world’s largest online marketplace for pet care. Foundry led the company’s Series B valuing the company at $7M. Rover went public in August 2021 via a SPAC and was valued at $1.35B. In February of 2024 Blackstone acquired Rover in an all-cash take-private deal valuing the company at approximately $2.3B. Foundry has fully realized its investment in Rover. Read more about the deal here.
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