Avance Investment Management has held a final close of its inaugural fund, Avance Investment Partners LP, with total capital commitments of approximately $1.1 billion. The new fund had an original target of $500 million.
Limited partners in Fund I include pension plans, insurance companies, foundations, fund of funds, and industry executives.
“This is an exciting milestone for our firm, and we are grateful for the tremendous support from our limited partners, consultants, and trusted advisors during these extraordinary times,” said David Perez, a managing partner of Avance. “We are thankful for the hard work by our committed team and very appreciative of all who supported and encouraged us along the way.”
Fund I will invest in founder-owned, middle-market businesses that have $25 million to $250 million in revenue and EBITDA of $5 million to $25 million. Sectors of interest include services, technology, and consumer.
Avance has already completed four platform investments with the buys of RIA Advisory, a Coral Gables-based provider of revenue management services (August 2022); Synergy Infrastructure, a Tampa-based rental provider of construction and infrastructure equipment and specialty pumps (January 2022); UniVista Insurance, a Miami-headquartered provider of insurance sales services (vehicle, home, health, life, and commercial) under a franchised and corporate model (July 2021); and Wholesale Supplies Plus, an Independence, Ohio-based e-commerce provider of ingredients and supplies to commercial artisans and hobbyists (April 2021).
Avance, with 20 investment professionals, was founded in 2020 and maintains offices in Miami and New York City.
“We look forward to continuing to partner with best-in-class management teams to build great companies and create value across our portfolio,” said Luis Zaldivar, a managing partner of Avance. “We are incredibly proud of having brought together a committed team that shares our vision to be a high-performing organization with a strong culture while making a positive impact on our communities.”
Greenberg Traurig provided legal services to Avance on the raising of Fund I.
© 2022 Private Equity Professional | September 20, 2022
