Trivest Partners has held final closings for Trivest Growth Investment Fund II LP and the Trivest Discovery Fund LP with $435 million and $235 million of total capital commitments, respectively.
The two new funds, raised concurrently, are the firm’s sixth and seventh funds focused exclusively on founder and family-owned businesses. Limited partners include a mix of endowments, corporate and public pensions, insurance companies, funds of funds, family offices and individuals, including nearly 40 founders and CEOs of former Trivest investments.
Trivest Growth Investment Fund II (TGIF II) focuses on companies that have revenues of at least $20 million and EBITDA of at least $4 million; while Trivest Discovery Fund (TDF) is a new strategy focused on investments in smaller platform founder and family-owned companies, specifically those with less than $4 million in EBITDA.
“With a differentiated sourcing platform and proven ability to add value to its portfolio partners, Trivest is well-positioned to invest in the lower end of the middle-market. The Discovery Fund is a great fit for founders who are interested in accelerating the growth of their organizations, especially through accretive M&A,” said partner Russ Wilson, who leads Trivest’s control investment strategies along with co-heads Jorge Gross and Forest Wester.
“Trivest’s transparent approach to non-control investing has resonated greatly in the founder and family-owned business community,” said Jamie Elias, a Trivest partner who leads the firm’s non-control investment activity.
In 2019, the Trivest had its most active year in its nearly 40-year history, investing in 46 founder-owned businesses, deploying over $200 million of capital, adding 15 members to its growing team and opening three new offices.
Coral Gables, Florida-based Trivest was founded in 1981 and has completed more than 300 transactions totaling over $6 billion in value. Sectors of interest include niche manufacturing, distribution, business and healthcare services, and consumer industries.
“We are extremely excited for our future at Trivest,” said Troy Templeton, Trivest’s managing partner. “This fundraising shows that Trivest’s truly differentiated strategy is working. With three unique investment approaches now under the Trivest brand, the breadth of solutions we can provide to founders is extensive. We look forward to continued growth as we begin this new decade.”
Shannon Advisors was the placement agent for the new funds and Greenberg Traurig provided legal services.
© 2020 Private Equity Professional | February 4, 2020