Private equity firm Renovus Capital Partners (Renovus) has held the final close of its fourth private equity fund Renovus Capital Partners IV Core Buyout, which was significantly oversubscribed with total capital commitments of $875m.
Founded in 2010 by three long-term colleagues, Renovus specialises in investments within the Knowledge & Talent sectors, including Education, Technology Services, Healthcare Services, and Professional Services.
The $875m, which exceeded the fund’s target of $750m, comprises $825m from limited partners and the US Small Business Administration through Renovus’ participation in the SBIC program, and $50m from the general partner.
Limited partners for Renovus IV include a diverse mix of university endowments, foundations, pension funds, insurance companies, banks, family offices, and industry executives from both the US and abroad.
Earlier this year, Renovus announced the closing of its first multi-asset continuation fund at $325m. In addition, the firm has raised over $1bn across its three prior private equity funds and currently manages more than $2bn in private equity assets.
Renovus IV will continue the strategy of its predecessor funds by focusing on control investments in founder-owned small and mid-sized businesses in the lower middle market.
Renovus was advised by Morgan Lewis and Winston & Strawn. Houlihan Lokey served as the primary placement agent.
