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Silver Lake partners with venture debt veteran

Silver Lake has added venture debt specialist and Lighthouse Capital Partners co-founder Rick Stubblefield to the oversight committee of its recently launched $75m fund.

Silver Lake has teamed with Lighthouse Capital Partners co-founder Rick Stubblefield on a fund targeting $75 million, according to US Securities and Exchange Commission documents filed 15 March. 

The fund, called Silver Lake Waterman, has already raised around $18 million for late-stage venture debt financing opportunities, according to a person with knowledge of the fund. Stubblefield is listed as a member of the GP’s oversight committee. 

The technology-focused firm’s collaboration with Stubblefield, who specialises in venture lending, will diversify Silver Lake’s strategy beyond typical private equity and debt investments. The firm already has an active credit arm that focuses on the technology, media, telecom and related sectors. However, that business typically targets established companies stressed and distressed debt opportunities, whereas Stubblefield has largely focused on providing financing to startups.

Silver Lake and Lighthouse could not be reached for comment at press time. 

Lighthouse venture debt financing typically falls into two categories, growth capital and equipment financing, according to its website. Stubblefield founded the firm with Gwill York in 1994 and continues to manage Lighthouse’s fourth and fifth funds in conjunction with Lighthouse’s partners. Lighthouse has invested around $1.6 billion in 450 companies across its five funds. 

Silver Lake was launched in 1999 by Glenn Hutchins, Dave Roux and Jim Davidson. The firm controls $14 billion in assets under management. Last year, the firm notched one of the most successful private equity exits of all time with its sale of Skype to Microsoft for $8.5 billion.