Haveli Investments

Haveli Investments Research Investment Thesis Haveli Investments is an Austin-based private equity firm specializing in technology sector investments with dedicated focus on enterprise software and gaming. Founded in 2021 by Brian Sheth, the firm operates with a multi-billion dollar fund focused on middle-market opportunities where experienced operators can accelerate value creation. The firm believes that a differentiated approach combining deep sector expertise with operational excellence can generate superior returns in the evolving technology landscape. Sector Focus Haveli maintains two primary investment verticals: Enterprise Software: Vertical applications (industry-specific solutions) Horizontal applications (broad enterprise platforms) Infrastructure software solutions Cybersecurity solutions Gaming: Game developers and publishers PC, Mobile, and Console segments Gaming infrastructure and services The firm explicitly focuses on companies with modern products, attractive end markets, and multiple growth levers. They pursue both control and minority investments where they can help accelerate value creation. Stage Focus Haveli operates as a mature private equity firm focused on middle-market and growth-stage companies rather than early-stage ventures. They target: Established software companies with product-market fit Gaming studios with proven commercial performance Platforms generating recurring revenue Companies with strong management teams and multi-lever growth potential Check Size As a mature PE fund with multi-billion dollar capital deployment, Haveli typically invests in the $100M-$500M+ range for control and minority positions. This represents significantly larger checks than traditional venture capital. Lead Tendency Haveli positions itself as an active operator and strategic partner, typically taking control or significant minority positions in their investments. The firm works collaboratively with management teams on value creation plans tailored to each company's needs and capabilities. Recent Activity Haveli has demonstrated active deployment from its fund: January 2026: Announced majority investment in Sirion (AI-powered contract lifecycle management platform) 2025-2026: Completed acquisition of Couchbase (NoSQL database platform), taking it private at $24.50/share October 2025: Senior Managing Director Ian Loring named to GrowthCap's Top Software Investors of 2025 As of July 2025: 4 portfolio companies with 1 new investment in preceding 12 months Fund Status: Actively deploying from fund raised in 2021-2022 period. October 2022 debt financing of $500M led by Apollo Global Management indicates robust capital availability. Portfolio Highlights Recent Investments: Sirion (SaaS - CLM platform, majority stake, 2026) Couchbase (Infrastructure - NoSQL database, acquired 2025) M-Files (Enterprise software - content management) Operating Model: Haveli's portfolio companies benefit from: Experienced operators from software and gaming sectors Multi-year value creation planning and execution Industry-specific pattern recognition and market insights Access to operational and talent networks Team Leadership: Brian Sheth - Founder and Chief Investment Officer Ian Loring - Senior Managing Director and Executive Chairman; recognized as GrowthCap Top Software Investor 2025 Ira Cohen - Senior Managing Director Ophir Lupu - Senior Managing Director Lucas Joppa - Senior Managing Director and Chief Sustainability Officer Sandeep Swaminathan - Senior Managing Director Marissa Tarleton - Senior Managing Director Kristin Weston - Senior Managing Director Alex Capretta - Managing Director Afaf Ibraheem Warren - Managing Director Operating Partners: Demetri Detsaridis Nicole Lewis Investment Professionals: 20+ Principals, Associates, and Analysts Team includes CFO (Nora Turek Cappellini), COO (Jason Mathews), and dedicated functional leaders Geographic Focus Based in Austin, Texas (405 Colorado St., Suite 1600), with focus on North American middle-market opportunities. Team experienced across enterprise software and gaming ecosystems globally. Decision Process Haveli employs a disciplined investment process combining: Sector-specific pattern recognition Rigorous company evaluation Collaborative value creation planning Multi-stakeholder alignment (investors, management, board) Decision-making appears to involve Senior Managing Director and Chief Investment Officer Brian Sheth with relevant sector partners (software vs. gaming specialists). Founder Preferences Haveli seeks: Strong, experienced management teams with proven execution Companies with modern, competitive products Organizations with multiple revenue and growth levers Partners willing to collaborate on transformational value creation Gaming studio founders with commercial gaming experience Enterprise software founders with large market opportunities Typical Investment Profile Typical Investment Size: $100M-$500M+ (control/significant minority positions) Timeline: Multi-year value creation engagements Involvement: Active operational partnership, board seats, value creation planning Exit Strategy: Strategic sales or secondary PE transactions Haveli represents a mature, operationally-focused private equity approach to technology investing, targeting established companies where experienced operators can drive significant value creation through operational excellence and market expansion.