Silver Lake Sumeru, the middle-market investment group of tech-focussed private equity firm Silver Lake, has hired software company Adobe Systems executive John Brennan as a managing director in the firm’s Menlo Park, California office.
Brennan was previously a senior vice president at Adobe where he led the platform software business unit. Prior to joining Adobe, he was a senior vice president in Hewlett-Packard’s small and medium business segment group. Brennan has also held positions in the electronics and high-tech practice at consulting firm Accenture Strategic Services and as a portfolio manager at partnership bank Brown Brothers Harriman & Company.
Sumeru, previously Shah Capital, was acquired by Silicon Valley-based Silver Lake in December 2006. Tech-focussed private equity firm Shah Capital was founded in 2004 by entrepreneur Ajay Shah, who now heads Sumeru.
“[John’s] significant software and services operating skills, combined with his transaction and investment experience, are a great match for us,” said Shah in a statement.
Sumeru is still in fundraising for its debut fund which is targeting $1 billion (€648 million), according to the Probitas 2008 Private Equity Deskbook. The California Public Employees' Retirement System, which owns a 10 percent stake in parent company Silver Lake, is among the fund’s investors having committed $120 million.
Sumeru made its first investment in October 2007 when the group acquired phone marketing company Mobile Messenger.
Silver Lake recently closed its third fund on $9.3 billion, according to Merrill Lynch, the fund’s placement agent. The vehicle closed short of its $10 billion target.