Firm: Riverside Partners
Fund: Riverside Fund IV
Target: $325 million
Amount Raised: $400 million
Placement Agent: Atlantic-Pacific Capital
Riverside Partners plans to hold a final close on $400 million by year’s end, having hit its hard cap on a fourth fund earmarked for investments in health care and technology, according to a source familiar with the situation. Riverside Fund IV was “wildly, wildly oversubscribed,” having surpassed its target of $325 million, said our source.
Boston-based Riverside Partners had pre-marketed its fourth fund for almost a year before entering the fray in June. As of July, the firm was nearing a first close, as previously reported in Buyouts. Backers include Montgomery County (Maryland) Employee Retirement Plans; PPM America Capital Partners; West Virginia Investment Management Board; and Yale University. Connecticut-based Atlantic-Pacific Capital placed the fund.
Riverside Fund III raised $225 million and closed in 2006, having received pledges from Abbott Capital Management, Hartford Investment Management, the Massachusetts Institute of Technology, The Investment Fund for Foundations, or TIFF, and MN Services. Probitas Partners served as the placement agent for Fund III.
Riverside Partners, founded in 1988, invests in companies generating annual sales of $10 million to $100 million. Led by David Belluck and Brian Guthrie, both formerly of the consulting firm Monitor Group, as well as Phillip Borden, Steve Kaplan and Jon Lemelman, the firm is open to a variety of transactions, including partial or complete buyouts, recapitalizations, growth equity deals, divestitures, take-private transactions and strategic add-on deals.