Trivest Partners has closed Trivest Growth Investment Fund III LP (TGIF III) with $730 million in total capital commitments.
The fund was oversubscribed, receiving strong support from its existing investors and completing the process in a single close, less than 60 days after its launch. Limited partners in TGIF III include endowments, corporate pensions, insurance companies, funds of funds, family offices, and individuals.
TGIF III focuses on non-control investments in founder- and family-owned businesses based in North America, with a minimum of $20 million in revenue and $4 million in EBITDA. The fund targets sectors such as niche manufacturing, distribution, consumer, business, and healthcare services.
“TGIF was Trivest’s first fund extension eight years ago, and since then, it has become evident that our unique approach to non-control investing, emphasizing simplicity, presents a significant opportunity for our firm,” said Jamie Elias, a managing partner at Trivest and the head of its non-control investment funds. “We are extremely grateful for the strong support from Trivest’s limited partners in this most recent fundraise. With four different investment strategies now under the Trivest brand, we believe we can offer a broad range of solutions to founders.”
In addition to TGIF III, Trivest currently manages three other funds in the lower-middle market. These are: Trivest Discovery Fund II LP, a $600 million fund making control investments in companies with up to $40 million in revenue and $4 million in EBITDA; Trivest Mid-Market Fund VII LP, a $950 million fund targeting companies with up to $250 million in revenue and $15 million in EBITDA; Trivest Recognition Fund LP, a $1.3 billion fund for companies with up to $50 million in revenue and at least $15 million in EBITDA.
Currently, Trivest manages approximately $6.1 billion in assets, with an investment team of over 90 professionals across offices in Coral Gables (headquarters), Los Angeles, New York City, Denver, Chicago, Charlotte, and Toronto.
“With TGIF III, we are eager to establish new partnerships and expand our impressive portfolio of fast-growing businesses, backed by Trivest’s proven value enhancement initiatives,” said Amir Mirheydar, a partner at Trivest.
TGIF III has not yet closed on any investments, but its two earlier TGIF funds are still invested in 14 companies with 10 companies for TGIF II and 4 for TGIF I.
Shannon Advisors acted as the placement agent for TGIF III, and Kirkland & Ellis provided legal services.
© 2024 Private Equity Professional | October 25, 2024
