BV Investment Partners has held a first and final close of BV Investment Partners Fund X LP (Fund X) at its hard cap of $1.1 billion. The new fund’s original target was $1 billion.
Fund X’s investor base includes mostly existing investors from a range of foundations, public and corporate pension plans, financial institutions, family offices and individual investors, including many senior managers of BV’s past portfolio companies. The firm’s earlier fund, BV Investment Partners Fund IX LP (Fund IX), closed with $750 million of capital in 2017.
“Almost all investors from Fund IX recommitted to Fund X, with over 80% of Fund X’s committed capital coming from existing investors,” said Maggie Carter, chief operating officer of BV. “We are honored to have their long term support and the opportunity to continue to enhance these partnerships. We are also excited to begin relationships with an outstanding group of select new investors, which diversify our global investor base into new regions and investor types.”
BV makes investments in companies that are EBITDA positive and are active in the education, financial services, healthcare, outsourcing, marketing services, and insurance industries. BV expects Fund X to make between 13 to 15 investments with capital in the range of $30 million to $150 million per transaction.
“BV has a long history of partnering with outstanding management teams and entrepreneurs to accelerate the growth of their businesses by applying our strategic and operational expertise,” said Vik Raina, CEO and managing partner of BV. “We are very excited about Fund X’s prospects and the ability to continue our strategy at a time when the landscape for investing in tech-enabled business services and IT services companies providing solutions to rapidly growing segments of the economy is extremely attractive. We are grateful for the strong support we received from our limited partners and look forward to the investment opportunities that lie ahead.”
In connection with the closing of Fund X, BV has named five new managing directors including Maggie Carter, Justin Garrison; Jonathan Holmes, Jason Kustka and Sean Wilder. Additionally, Laura Swearingen has been promoted to principal and Sam Axelrod and Will Weimar have been promoted to vice president.
“We strongly believe we have the right strategy, industry focus and, most importantly, the team to continue to deliver on our commitments in Fund X,” said Justin Harrison, a managing partner of BV. “We are pleased to recognize the contributions of each team member through these well-earned promotions. The Fund X platform provides an exceptional opportunity for our team to continue to add value across the portfolio and firm and we are looking forward to this next chapter in BV’s story.”
Evercore Private Funds Group was the placement agent for this fundraise and Ropes & Gray provided legal services.
BV Investment Partners was founded in 1983 and is headquartered in Boston.
© 2020 Private Equity Professional | March 3, 2020
