Wed, 03/09/2014 - 16:01
Private equity firm BV Investment Partners has completed the final closing for BV Investment Partners Fund VIII with USD487 million of committed capital, well above the fund's USD400 million target.
Vikrant Raina, managing partner of BV, says: "We would like to thank our limited partners for their support and endorsement of our investment strategy and team. We are well positioned to continue our successful strategy of partnering with entrepreneurs and management teams of innovative companies that can benefit from our operational expertise and financial resources. We are evaluating many exciting new high growth companies to add to the Fund VIII portfolio. I am confident we have the team, strategy, and targeted opportunity set to provide the strong investment returns expected of us."
Fund VIII will continue to focus on lower middle-market information and business services and communications opportunities.
The firm has completed two investments in Fund VIII to date – The Efficient Collaborative Retail Marketing Company, an integrated marketing services, software, and data provider serving consumer product manufacturers and retailers, and INetU, a provider of complex managed hosting and cloud services to enterprise customers.
The firm recently expanded its team and added two new investment professionals and an additional advisory board member to its 13 person operating advisory board.
Investors in Fund VIII consist of both first time investors and returning investors from BV's prior funds and include a broad group of global institutional investors, public pension plans, fund of funds, and major family offices.
Evercore Partners served as placement agent for BV, and legal advice was provided by Ropes & Gray.
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