Special situations private equity firm Renovo Capital has held a final closing of Renovo Capital Fund II LP with $132 million of capital commitments. The firm’s previous fund, Renwood Opportunities Fund I LP, in partnership with The Rosewood Corporation, was raised in 2010 with $50 million in capital commitments.
“The performance of our first fund and the success of Renovo’s team in executing a consistent strategy enabled us to complete the capital raise ahead of schedule and in excess of our initial target,” said Don Jungerman, Managing Partner with Renovo.
Fund II’s investor base represents a diverse group of foundations, corporate pensions, family offices and other institutional investors. “The completion of Fund II serves as a key milestone in the strategic growth of our firm, and we are grateful to have the opportunity to partner with these leading institutional investors,” said David Hull, Managing Partner with Renovo. “For a smaller fund, the Renovo team differentiates itself with its tremendous depth in complex restructurings, chief restructuring officer led operational turnarounds and long-term value creation strategies that are essential to special situations investing in the lower middle market,”
Renovo Capital makes control equity investments in lower middle market businesses that are experiencing operational underperformance and financial distress. Renovo typically invests from $5 million to $25 million of equity capital in businesses with annual revenues between $20 million and $200 million. Sectors of interest include manufacturing, distribution, and services. Renovo was founded in 2009 and is based in Dallas with an additional office in Denver (www.renovocapital.com).
Hunton & Williams (www.hunton.com) served as legal counsel for of Renovo Capital Fund II.
2014 PEPD • Private Equity’s Leading News Magazine • 9-26-14
