Renovus Capital Partners has held an oversubscribed and above-target closing of its fourth private equity fund, Renovus Capital Partners IV Core Buyout LP and parallel vehicles (Fund IV), with $875 million of capital.
Fund IV closed with commitments of $825 million from limited partners and the US Small Business Administration and $50 million from the general partner. Fund IV limited partners include university endowments, foundations, pension funds, insurance companies, banks, family offices, and industry executives from the U.S. and abroad.
“We are grateful for the continued support from our partners, which reflects their confidence in our strategy and execution capabilities,” said Atif Gilani, a founding partner at Renovus. “We are also excited to welcome new limited partners from across the globe, including institutions in Canada, Europe, the Middle East, and Asia. It is rewarding to see our team’s experience and commitment resonate with both new and existing limited partners, many of whom have been with us since our inception nearly 15 years ago.”
Renovus invests in companies active in the education, healthcare services, technology services, and professional services sectors with at least $3 million of EBITDA and enterprise valuations of $10 million to $200 million.
“Our goal is to continue to deliver top-tier outcomes for our portfolio companies and limited partners alike,” said Jesse Serventi, a founding partner at Renovus. “Fund IV will build on the strategy of its predecessor funds, focusing on control investments in founder-owned small and mid-sized businesses in the lower middle market. We have demonstrated a consistent track record of sourcing great yet under-invested founder-owned companies, and over the course of our investment period scaling and professionalizing them, generating both EBITDA growth and multiple expansion at exit.”
Yesterday, Renovus announced that it had acquired a majority stake in Angeion Group, a Philadelphia-based provider of class action case notice and claims administration services. The company, with more than 160 employees, was founded in 2013 and has managed more than 2,000 class action settlements and distributed over $10 billion to class members. Renovus partnered with Founder and Chief Executive Officer Steven Weisbrot and other company management team members on this transaction.
“Angeion is one of the most differentiated and fastest growing players in class action services,” said Lee Minkoff, a managing director at Renovus. “Renovus has a track record of identifying unique tech-enabled legal services companies, aligning with management on a growth thesis, and making investments to execute that thesis. This is the exact opportunity we have with Angeion, and we could not be more excited to partner with Steve and the management team.”
Renovus was founded in 2010 and is based in the Philadelphia suburb of Wayne, Pennsylvania. Earlier this year, Renovus closed its first multi-asset continuation fund with $325 million of capital. Since its founding, the firm has raised over $1 billion across its three prior private equity funds and has more than $2 billion in assets under management.
© 2024 Private Equity Professional | October 9, 2024
