Carrick Capital Partners said on August 31, 2026 that it has closed a single-asset continuation vehicle for identity security company Saviynt with approximately $600 million in capital commitments, including a new $255 million investment that the firm described as the largest in its history.
According to the announcement from the San Francisco and Newport Beach-based growth investment firm, the new vehicle gave Carrick’s existing limited partners the option to roll their equity into the continuation vehicle or realize an 11x gross multiple (10x net) on invested capital from Carrick’s initial investment in Saviynt. Coller Capital was the lead investor in the vehicle, and HSBC Asset Management acted as co-lead investor. Carrick said the $255 million commitment included meaningful participation from the firm’s general partners.
How the Transaction Is Structured
Carrick’s new investment was made as part of the final close of Saviynt’s Series B financing and helped fund a tender offer that provided liquidity to Saviynt employees. The firm said the combined transactions extend its partnership with the identity security company and align it with Saviynt’s management team and the company’s new Series B investors.
A continuation vehicle allows a private equity or growth investor to move an existing portfolio holding into a newly capitalized fund structure, giving current limited partners a choice between cashing out and maintaining exposure to the asset. In this case, Carrick framed the structure around its long-term conviction in Saviynt. Marc McMorris, Carrick’s Co-CEO, said the firm’s limited partners entrust it to source companies early, concentrate behind its highest-conviction ideas, and build value through operating performance. He said the transaction provided limited partners “a meaningful realization alongside the choice to stay invested in the Company’s next chapter.” Co-CEO Jim Madden added that the caliber of investors backing the vehicle spoke to the strength of both Saviynt and the Carrick model.
Robert W. Baird & Co. served as financial advisor to Carrick. Proskauer Rose LLP served as legal counsel on the continuation vehicle, and Latham & Watkins LLP served as legal counsel on the new investment.
Carrick’s History With Saviynt
Carrick said it identified Saviynt through its thematic sourcing work in cybersecurity and built a relationship with the founding team before the company raised institutional capital. Carrick led Saviynt’s $35 million Series A and remained the company’s only institutional investor until its Series B, supporting it with follow-on financings and working with management on leadership expansion, go-to-market, and board development through what the firm calls its ABV, or Approach to Building Value.
That Series B arrived on December 9, 2025, when Saviynt announced a $700 million growth equity financing at a valuation of approximately $3 billion. Funds managed by KKR led that round, with participation from Sixth Street Growth and TenEleven, alongside new funding from Carrick as the existing Series A investor. Saviynt said at the time that it had expanded to more than 600 global enterprise customers representing over 20% of Fortune 100 companies, and that the capital would accelerate product development and deepen integrations with hyperscalers, software and SaaS platforms, professional services firms, and value-added resellers.
Saviynt’s Growth and Its AI Identity Platform
Carrick’s announcement said Saviynt recently surpassed $300 million in annual recurring revenue, up from approximately $10 million at the time of Carrick’s initial investment, and that the company has grown bookings by more than 80% this year while maintaining a 96% customer retention rate. In a July 28, 2026 announcement, Saviynt also launched Zuma, an enterprise AI identity security platform the company describes as a unified control plane to discover, protect, and govern AI agents, large language models, and non-human identities alongside the human workforce.
According to Saviynt, Zuma is organized into three components. Zuma Insights continuously discovers AI agents, LLMs, AI-based applications, and non-human identities across an enterprise, mapping what they access and who owns them. Zuma Access evaluates agent intent, context, permissions, and risk at runtime so that AI agents are authorized only for the actions a specific task requires. Zuma Governance establishes ownership, lifecycle controls, policy guardrails, access reviews, and audit-ready evidence for AI agents and non-human identities. Zuma extends the Saviynt Identity Cloud, which converges identity governance and administration, privileged access management, application access governance, and identity security posture management. Saviynt said Zuma is available now, with a free trial offered.
“The defining security problem of the AI era is that enterprises are now accountable for AI agents and non-human identities that act at machine speed,” said Sachin Nayyar, Founder and CEO of Saviynt. “The platform we have built solves this problem by providing visibility, protection, and governance.” Nayyar said Carrick has been a partner since the company’s first institutional round and that the new capital commitment strengthens Saviynt’s ability to move faster for customers.
Chris Wenner, Managing Director at Carrick and a Saviynt board member, said the firm underwrote the thesis years ago that identity would become the control plane of enterprise security, and that the AI era has proven it. He said Carrick is “tripling down” because it believes Saviynt will be the leader in unified identity.
Carrick said the new capital positions Saviynt to accelerate product development across the Identity Cloud and Zuma, extend its work in AI and agentic identity security, and deepen integrations with hyperscalers, SaaS platforms, and global systems integrators, while continuing to serve its enterprise customer base worldwide.
💸 Earn Instantly With This Task
No fees, no waiting — your earnings could be 1 click away.
Start Earning
