Trivest Closes its Largest Fund at $1.3 Billion

Trivest Closes its Largest Fund at $1.3 Billion

The new fund will invest in founder-led and family-owned businesses with EBITDA greater than $15 million

Trivest Partners has closed Trivest Recognition Fund LP at its hard cap with over $1.3 billion of total capital commitments. Recognition represents Trivest’s twelfth institutional private equity fund and brings Trivest assets under management to approximately $5.5 billion.

Trivest received significant support from both its established investor base and a number of new investors including endowments, corporate and public pensions, insurance companies, funds of funds, family offices and individuals, including more than 40 founders and CEOs of current and former Trivest portfolio companies.

“Trivest’s transparent approach to investing has resonated with founder and family-owned businesses  for more than 40 years,” said Jorge Gross, Jr., a managing partner at Trivest and the leader of the Recognition Fund’s investment activities. “Recognition Fund is named for the fact that we recognize the accomplishments of founders who have built sizable businesses, and we appreciate their sacrifice in doing so. We look forward to using Trivest’s considerable resources to assist these great businesses in realizing their next phase of growth and development.”

In December 2022, the Recognition Fund closed its first investment with the buy of family-owned Perricone Juices, a Newport Beach, California-based producer of craft juices with a focus on the “freshly squeezed” citrus category. The company’s juice products are sold through the foodservice and retail channels under the “Perricone Farms” brand and under several private label brands.

Source: Perricone Juices

Trivest was founded in 1981 and has completed more than 500 transactions totaling over $8 billion in value. Sectors of interest include niche manufacturing, distribution, business and healthcare services, and consumer industries.

“We couldn’t be more pleased with the support we received from all of the Recognition Fund investors,” said Troy Templeton, a managing partner at Trivest. “Achieving our hard cap during one of the most challenging fundraising markets in history is a testament to what our team has built over the past four decades at Trivest. We believe our strategy is truly differentiated. Now with four investment approaches under the Trivest banner, we believe the breadth of solutions and flexibility we can provide founders is comprehensive.”

Trivest has an investment team of more than 80 professionals in offices in Coral Gables (headquarters), Charlotte, Chicago, Denver, Los Angeles, New York, and Toronto.

Shannon Advisors was Trivest’s placement agent and Kirkland & Ellis provided legal services.

© 2023 Private Equity Professional | November 3, 2023

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