Private equity firm Trivest Partners has held the final closing of Trivest Fund V with USD415m of total equity capital commitments.
Due to strong support from existing investors and significant demand from new limited partners, Trivest Fund V surpassed its original target of USD325m and accepted commitments up to its cap of USD400m. The additional USD15m represents capital from the partners at Trivest.
The fund includes a diversified mix of limited partners including endowments, corporate and public pensions, insurance companies, fund of funds, family offices and individuals.
The firm has also promoted Forest Wester, Russ Wilson and David Gershman to partner. Wester and Wilson joined Trivest as vice presidents in 2005 and 2006, respectively. Gershman started at the firm in 2002 as general counsel and will continue to lead all legal functions at Trivest. All three individuals have been instrumental in Trivest’s success over the years and will join Troy Templeton, Jamie Elias and Chip Vandenberg in leadership roles in Fund V. The firm also expanded its ranks with the recent hire of Anuj Singh as vice president.
“We are extremely pleased with the results of our fundraising efforts,” says Troy Templeton (pictured), Trivest’s managing partner. “Our time tested investment strategy, centred on becoming the first institutional owner and partner of choice for founder/family-owned businesses, brings a high level of differentiation to the market. These traits contributed to very strong investor demand for Fund V. In addition, we are very pleased to welcome Forest, Russ and David into the Partnership.”
Fund V will continue to execute Trivest’s strategy of acquiring growing, profitable founder/family-owned businesses in North America with a preference for companies located in the Southeastern US.
Shannon Advisors acted as placement agent for the fund and Greenberg Traurig served as fund counsel.
