BV Investment Partners has held a hard cap and above target closing of its latest fund, BV Investment Partners Fund XI LP (Fund XI), with $1.75 billion of capital commitments. The firm’s earlier fund closed in February 2020 at its hard cap of $1.1 billion.
Fund XI’s investor base includes sovereign wealth funds, foundations, public and corporate pension plans, financial institutions, family offices and individual investors, including senior managers of its portfolio companies.
Boston-headquartered BV Investment Partners makes investments of $65 million to $175 million in North America-based companies that have EBITDA from $5 million to $30 million. Sectors of interest include tech-enabled business services, software, and IT services industries.
“Faced with strong headwinds in the current fundraising environment, I believe the successful outcome of the Fund XI capital raise is a testament to the firm’s consistency in strategy, team and performance,” said Maggie Carter, BV’s president and chief operating officer. “We are thrilled that almost all our existing investors have chosen to invest with BV again in our latest fund, with nearly 75% of the capital raised in Fund XI coming from existing relationships. We also continued to diversify our limited partner base with the addition of new high quality institutional investors across the globe.”
Fund XI has already closed on seven platform investments including recently acquired Hardenbergh Group, a Michigan-based provider of non-clinical staffing, consulting and external physician peer review services to hospitals and health systems (August 2023); and Imagenet, a Florida-based provider of digital transformation, contact center and claims adjudication services for health plans (December 2022).
“We are grateful to our existing and new investors for their exceptionally strong support. We also want to thank the thousands of portfolio company stakeholders who are collaborating with us every day to build impactful technology solutions businesses,” said Vikrant Raina, the chief executive officer and managing partner of BV. “As we begin our fifth decade we look forward to leveraging our deep industry experience to capitalize on exciting tech-driven middle market opportunities. Fund XI is already off to a great start with seven exceptional platform investments committed in the portfolio and several exciting new opportunities in the pipeline.”
“We are a firm that highly values its partnerships with our management teams and investors,” concluded Ms. Carter. “Our goal now is to deliver on the performance expected of us in Fund XI. With a strategy that has succeeded through multiple economic cycles coupled with significant investments to the team over the last year, we believe we are in a great position to achieve this goal.”
Since its founding in 1983, BV has invested in 117 platform companies across its eleven funds.
BV used Evercore as its placement agent for this fundraise and Ropes & Gray provided legal services.
© 2023 Private Equity Professional | September 14, 2023
