Renovus Capital Partners, a Philadelphia-area private equity firm, today announced the successful closing of its fourth private equity fund, Renovus Capital Partners IV Core Buyout LP. I did. The fund was significantly oversubscribed with total commitments of $875 million.
Renovus was founded in 2010 by three long-time colleagues and specializes in investing in the knowledge and talent sectors, including education, technology services, healthcare services and professional services. Renovus IV closed with total commitments of $875 million. This includes $825 million from limited partners and the U.S. Small Business Administration through Renovus’ participation in the SBIC program, and $50 million from the general partner. Strong demand from both existing and new investors has helped Renovas IV exceed its $750 million goal. Renovus IV’s limited partners include a diverse group of university endowments, foundations, pension funds, insurance companies, banks, family offices, and industry executives in the United States and abroad.
Earlier this year, Renovus announced the closing of its first multi-asset continuing fund at $325 million. Additionally, the firm has raised more than $1 billion across its three previous private equity funds and currently manages more than $2 billion in private equity assets.
“We are grateful for the continued support of our partners, which reflects their confidence in our strategy and ability to execute,” said Founding Partner Atif Gilani. “We are also excited to welcome new limited partners from around the world, including institutions in Canada, Europe, the Middle East and Asia. Our team’s experience and commitment will continue to benefit both new and existing LPs. It’s rewarding to see people resonate with us, many of whom have been with us since our inception nearly 15 years ago.”
Building on the strategy of its predecessor funds, Renovus IV will focus on managed investments in founder-owned small and medium-sized companies in the lower middle market. Founding Partner Jesse Cerventi said: We have a consistent history of sourcing great but under-invested founder-owned companies and scaling and specializing them over the life of the investment, producing both EBITDA growth and multiple expansions upon exit. We have proven our track record. ”
“Renovas IV is off to a great start with our first investment expected to close next week and a strong pipeline of promising investments moving forward,” added founding partner Brad Whitman. “We would like to thank our limited partners for their continued support as we begin to execute our value creation strategy.”
Renovus was advised by Morgan Lewis and Winston & Strawn. Houlihan Lokey served as the lead introducing agent.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a lower middle market private equity firm focused on the knowledge and talent industry. Renovus is based in the Philadelphia area and manages more than $2 billion in assets across multi-sector focused funds. The company’s current portfolio includes more than 30 U.S.-based companies focused on education and workforce development, as well as service companies in the technology, healthcare and professional services markets. Renovus typically makes control buyout investments in founder-owned businesses, leveraging its industry expertise and network of operators to improve operations, recruit top talent, and pursue follow-on acquisitions. Visit www.renovuscapital.com and follow us on LinkedIn.
