Accel-KKR Closes $1.9 Billion Continuation Fund to Support Further Growth of isolved
Fund Includes Commitment of $350 Million in New Capital to Accelerate isolved's Growth Through Organic Initiatives and Accretive Acquisitions
MENLO PARK, Calif., Aug. 8, 2025 /PRNewswire/ -- Accel-KKR, a global technology-focused investment firm, today announced the completion of AKKR Isosceles CV LP, an approximately $1.9 billion single-asset continuation fund that will extend its partnership with isolved®, a leading provider of human capital management (HCM) software and solutions servicing the entire employee lifecycle. The transaction allows Accel-KKR to provide liquidity to existing investors in isolved while providing the company with a commitment of $350 million in new capital to accelerate its growth through organic initiatives and accretive acquisitions.
Secondaries at Goldman Sachs Alternatives served as the lead investor in AKKR Isosceles CV LP, with participation from various other institutional investors. AKKR Strategic Capital LP, the $2.2 billion software secondaries fund Accel-KKR closed in 2024, also invested in AKKR Isosceles CV LP. Post-transaction, the employees of Accel-KKR comprise, as a group, the single largest investor in AKKR Isosceles CV LP.
Accel-KKR originally invested in isolved in 2011. In 2019, when Accel-KKR Capital Partners III, LP, the $600 million 2008 vintage technology buyout fund in which isolved was held, approached the end of its term, Accel-KKR formed Accel-KKR Capital Partners CV III, L.P. ("CV III Fund"), an approximately $1.4 billion multi-asset continuation vehicle, to acquire isolved and several other majority-owned portfolio companies. This 2019 continuation vehicle included a significant commitment to fund follow-on investments, allowing isolved to continue to execute its organic growth and acquisition strategies. During its time in the CV III Fund, isolved grew its revenue and profitability by nearly 3 times.
Tom Barnds and Rob Palumbo, Co-Managing Partners at Accel-KKR, said, "With the successful completion of this new continuation fund, the second CV of isolved, we are thrilled to extend an extraordinarily productive partnership that already has run for 14 years, as the company's revenue and EBITDA have grown in excess of 20 times since we first partnered with the isolved team."
"We're also pleased that AKKR Strategic Capital LP has committed to this new continuation fund, marking the sixth CV commitment from our dedicated software secondaries fund, which we closed late last year," continued Messrs. Barnds and Palumbo.
Mark Duffell, CEO of isolved, said, "The partnership between Accel-KKR and isolved has been exceptional, and I'm pleased we can continue this journey together. As we envision the next chapter, I'm excited about the opportunities to grow our business, both organically and through strategic acquisitions."
Dean Jacobson, Managing Director at Accel-KKR, added, "As we look ahead, we are excited to have additional time to compound value in isolved. We also are pleased to invest additional capital in isolved as the company pursues the significant growth opportunities before it."
Lazard served as lead financial advisor to the funds and Accel-KKR and Jefferies served as co-advisor. Kirkland & Ellis served as legal advisor to the funds and Accel-KKR.
Accel-KKR has invested in or acquired ~500 technology companies globally since its founding in 2000, making it one of the most active private equity firms in the software and tech-enabled services sector. Over its history, Accel-KKR has now raised 19 funds across five fund families, including Buyout (for majority investments), Emerging Buyout (for smaller majority investments), Growth Capital (for minority investments), Credit (for debt investments) and Strategic Capital (secondaries).
About isolved
isolved is the most trusted HCM technology leader, providing the best combination of software and services to meet the needs of today's People Heroes - HR, payroll, and benefits professionals. From talent acquisition to workforce management to talent management, our solutions are delivered directly or through our HRO partner network to more than 7.7 million employees and 189,000 employers across all 50 states - who use them every day to increase productivity, accelerate decision-making and ensure performance, while reducing risk. isolved People Cloud(TM), our intelligently connected platform, automates the entire employee experience by design, so that organizations can engage, empower, and energize their talent while freeing their People Heroes to exceed their goals and grow their careers. Visit https://www.isolvedhcm.com/ to learn more.
About Accel-KKR
Accel-KKR is a technology-focused investment firm with $23 billion in cumulative capital raised. The firm focuses on software and tech-enabled businesses, well-positioned for top-line and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its partner companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR's headquarters is in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City. To learn more, visit accel-kkr.com.
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SOURCE Accel-KKR
