Haveli Investments

What Haveli Investments does

Haveli Investments is an Austin-based private equity firm founded in 2021 by Brian Sheth, formerly of Vista Equity Partners. The firm invests in two thematic verticals — enterprise software and gaming — through control and minority deals executed out of dedicated operating arms, Haveli Software and Haveli Gaming. As of early 2026, the portfolio spans 18+ companies including API, AppViewX, Blend, Cendyn, Certinia, Cohesity, Couchbase, M-Files, Sirion and ZeroFox in software, and Behaviour Interactive, Budge Studios, Candivore, Fictions, Jagex, Million Victories, Omeda Studios and World Golf Tour in gaming. The firm runs a classic sponsor model: it raises committed-capital funds, identifies platform targets, structures buyouts or recapitalizations, and supports management teams with operating resources post-close.

Haveli's software practice is anchored by a $4.5 billion debut buyout fund closed in March 2025, which was upsized from a $4.25 billion target due to investor demand. Thematic focus areas are vertical applications, horizontal applications, infrastructure software, and cybersecurity. Notable platform deals include the take-private of Couchbase at approximately $1.5 billion (completed September 2025, $24.50/share all-cash), the ~$1 billion majority investment in AI-native contract lifecycle management vendor Sirion (February 2026), and the acquisitions of AppViewX (certificate lifecycle management / machine identity), ZeroFox (digital risk protection), Certinia (professional services automation) and M-Files (intelligent information management). The Cohesity–Veritas Enterprise Data Protection combination was a Haveli-led 2024 transaction forming the world's largest data protection software vendor. The firm regularly co-invests with strategic partners, most notably Apollo Global Management (strategic partnership formed October 2022) and General Atlantic (Certinia, Budge Studios).

Haveli generates revenue through conventional private equity economics: management fees on committed/invested capital across its software and gaming funds, plus a share of fund profits (carried interest) on realized investments. Specific fee rates, fund vintages, and carried interest terms are not publicly disclosed. The firm monetizes its portfolio indirectly through value creation rather than direct revenue capture: it builds platforms via add-on M&A (e.g., Cendyn's acquisition of Knowland, AppViewX's acquisition of Eos, the Cohesity/Veritas combination), operational improvement, and exit events. The LP base is institutional and undisclosed; the firm cites capital from "various institutional investors" supporting the $4.5B software fund. Haveli is privately held under Whanau Interests LLC, headquartered at 405 Colorado St., Suite 1600, Austin, Texas.

Name

Haveli Investments

Legal name

Whanau Interests LLC

Website

https://haveliinvestments.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Founded in 2021 by Brian Sheth, Haveli Investments is an Austin-based private equity firm that invests in technology companies across enterprise software and gaming through control and minority deals.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Industry-Specialist Buyout (Sector-Focused) (FSANABAE)

akta.pro secondary industry

Media, Entertainment & Gaming Growth Equity (FSANACAI)

Keywords

• Private equity investments
• Technology buyout fund
• Enterprise software investing
• Gaming industry investing
• Growth equity firm

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Core offering

Haveli Investments is a private equity firm that deploys capital through control and minority investments in high-quality technology companies across two focus areas: enterprise software and gaming. The firm operates a $4.5 billion debut software-focused buyout fund and a near billion dollar gaming fund, partnering with management teams to provide operational support, strategic guidance, and tailored value creation plans. Haveli invests in established middle-market software companies (vertical/horizontal applications, infrastructure, cybersecurity) and gaming developers and publishers across PC, mobile, and console segments.

Product overview

Haveli Investments is a private equity firm, not a product company. It does not manufacture or sell its own products. Instead, Haveli invests in technology and gaming companies through control and minority investments. Its software portfolio includes enterprise software companies (API, AppViewX, Blend, Cendyn, Certinia, Cohesity, Couchbase, M-Files, Sirion, ZeroFox), while its gaming portfolio includes studios and publishers (Behaviour Interactive, Budge Studios, Candivore, Fictions, Jagex, Million Victories, Omeda Studios, World Golf Tour). The firm closed its debut software-focused buyout fund with $4.5 billion in March 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Haveli: Primary brand name for the private equity firm and its investment activities in technology companies
• Haveli Software
• Haveli Gaming

Products and services

• Haveli Software Fund Debut software-focused buyout fund deploying multi-billion dollar capital into middle-market enterprise software companies across four target segments: vertical applications, horizontal applications, infrastructure software solutions, and cybersecurity. Aimed at control and minority investments.
• Haveli Gaming Fund Gaming-focused private equity fund targeting established and market-leading companies in PC, Mobile, and Console segments of the gaming industry. Deploys near billion dollar capital into gaming developers and publishers.
• Value Creation Partnership Services Operational and strategic support services provided to portfolio companies throughout their lifecycle, including tailored value creation plans developed collaboratively with management teams, leveraging cross-functional expertise in software and gaming sectors.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Insight Partners: Technology-focused growth equity and buyout firm investing across enterprise software stages and sizes; directly comparable to Haveli on software thematic investing, with comparable scale and a similar focus on founder-led software businesses.
• Vista Equity Partners: The largest dedicated software-focused buyout firm globally and Haveli founder Brian Sheth's former firm; Vista is Haveli's closest direct competitor for middle-market enterprise software buyouts, sharing thematic specialization, value-creation playbooks, and LP relationships.
• Thoma Bravo: Premier software-focused buyout firm with deep experience in take-privates and large-cap software LBOs (e.g., Coupa, Dynatrace, Anaplan); competes head-on with Haveli for the same enterprise software opportunities and uses similar operational improvement theses.
• Francisco Partners: Technology-focused buyout firm with deep enterprise software and vertical SaaS specialization; competes with Haveli in middle-market software buyouts and shares a strong operational-value-creation orientation.
• Permira: Global PE firm with significant dedicated technology and gaming investment teams (e.g., historic Majesco and other gaming exposure); directly comparable to Haveli on the gaming side of the portfolio.
• General Atlantic: Global growth equity firm partnering with Haveli on Certinia and Cendyn/Knowland; directly competes in software/growth equity and shares a thematic, sector-specialist investment philosophy aligned with Haveli's own approach.
• CVC Capital Partners: Global PE firm co-acquiring Jagex with Haveli; directly comparable through its Consumer/TMT and gaming investment activity and competes for European software/gaming assets of similar scale.

Broad incumbents

• Apollo Global Management: Haveli's strategic co-investment partner since 2022 (announced partnership in software and gaming); Apollo is a broader incumbent but increasingly competes in middle-market software and gaming where Haveli also operates.
• Silver Lake: Large-cap technology-focused PE incumbent with extensive enterprise software and gaming exposure; competes for the largest enterprise software assets in Haveli's addressable market.
• KKR: Global PE incumbent with a substantial dedicated technology investing platform and active gaming and software portfolio; competes with Haveli for middle-market software buyouts while operating at far greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/haveli-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries19 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Haveli Investments