TUFN Tufin Software Technologies Ltd

Turn/River Capital, a leading technology growth equity and buyout firm, announced today that it has successfully raised its fifth fund, Turn/River Capital V (“Fund V”). The oversubscribed Fund V closed at its $1.35 billion cap with strong support from all current investors, as well as a select number of notable new investors. The amount also includes $100 million from the employees of Turn/River Capital, as well as their friends and families.

Also today, in a separate press release, Tufin (NYSE: TUFN), a leading cybersecurity automation company with a policy-centric approach to security and IT operations, announced that it has entered into a definitive agreement to be acquired by Turn/River Capital for $570 million.

“We are incredibly grateful to our investors, partner companies, and team members who have embraced our vision of operationally-driven investing, and have helped it become a reality,” said Dominic Ang, Managing Partner at Turn/River Capital. “Turn/River was founded on the idea that software investing is most successful when software operators and investors work together side-by-side, and Fund V is a testament to that. It has been an active last twelve months for Turn/River with record investments and exits, and we hope to build upon this momentum in Fund V.”

With Fund V, Turn/River will continue to execute on its strategy of investing in and scaling growing technology companies with the help of its proprietary operations team. This highly experienced team is focused on optimizing sales, marketing, and customer success execution to accelerate growth and profitability for partner companies. The fund provides flexible capital for growth, liquidity, and acquisitions for software companies at all stages.

Turn/River has continued to invest heavily in its team, growing headcount by over 50% in the last year, deepening its expertise in all parts of the investment and go-to-market operations.

The firm focuses on software and SaaS companies and has made 25 investments since its founding in 2012.

About Turn/River Capital

Turn/River Capital is a San Francisco-based software investment firm that looks, feels, and acts like a software company. It offers flexible capital and tailored, data-driven operational support for growth capital, founder liquidity, buyouts, spin-outs and recapitalizations. Built by a team of software operators and investors who have scaled sales, marketing, customer success and talent, Turn/River’s playbooks reliably and rapidly unlock transformational growth, producing market-leading companies and building lasting value. For more information, please visit www.turnriver.com.

turnriver@bulleitgroup.com