Renovus completes $325m continuation fund for four portfolio companies

• The Renovus Continuation Fund’s LPs include New 2ND Capital, RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners and Unigestion and Arcano Partners
• Jefferies served as financial advisor to Renovus on the fund while DLA Piper provided legal counsel
• Renovus invests in the lower middle market

Renovus Capital has closed its continuation fund at $325 million to support four portfolio companies.

The companies are Aretum, a Maryland and Virginia-based technology and specialized services provider; ClinicalMind, a New York-based medical communication company; Lockstep Technology Group, a Georgia-based technology services company; and Phoenix East Aviation, a Florida-based pilot training school.

Also, the fund will make available an incremental $60 million to fund acquisitions for the portfolio companies.

The Renovus Continuation Fund’s limited partners include New 2ND Capital, RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners, Unigestion and Arcano Partners.

“The successful establishment of the Renovus Continuation Fund marks another significant milestone for Renovus as a firm,” said Atif Gilani, founding partner at Renovus in a statement. “The commitments that the CV received from top-tier investors validate our investment strategy and the strength of our portfolio. At the same time, the CV was approved unanimously by existing LPs, a strong vote of confidence in our work for them to date.”

With the closing of the CV, Renovus has now raised over $1.5 billion of capital across multiple investment vehicles.

Jefferies served as financial advisor to Renovus on the fund while DLA Piper provided legal counsel.

Renovus Capital invests in the lower middle market. Founded in 2010, Renovus targets the knowledge and talent industries. The private equity firm is based in the Philadelphia area.