Silver Lake is starting 2021 in record-breaking fashion.
The tech investor has raised $20 billion for its sixth flagship fund, the largest-ever tech-focused vehicle from a PE firm, according to PitchBook data, surpassing a $17.8 billion effort from Thoma Bravo that closed last year. Silver Lake's previous namesake fund closed on $15 billion in 2017, while Vista Equity Partners, another of the industry's most prominent tech investors, raised a $16 billion vehicle in 2019.
During the early days of the pandemic, Silver Lake made a series of minority investments in teetering tech companies that are already beginning to pay off. Last March, the Menlo Park, Calif.-based firm invested $1 billion in Twitter, and in April it teamed up with Sixth Street Partners to make a $1 billion investment in Airbnb at an $18 billion valuation. The firm also joined Apollo Global Management to make a $1.2 billion investment in Expedia in April.
Today, Airbnb has a market cap of more than $100 billion. Twitter stock is up more than 40% from the time of Silver Lake's investment, and Expedia shares have more than doubled.