BV Investment Partners closes Fund X on $1.1bn hard cap, promotes five to managing director

BV also promoted five managing directors: Maggie Carter, COO; Justin Garrison; Jonathan Holmes, CFO & CCO; Jason Kustka and Sean Wilder.

BV Investment Partners closed its tenth fund on its $1.1 billion hard cap in a first and final close. BV also promoted five managing directors: Maggie Carter, COO; Justin Garrison; Jonathan Holmes, CFO & CCO; Jason Kustka and Sean Wilder. Also, the firm promoted Laura Swearingen to principal and Sam Axelrod and Will Weimar to vice presidents.

Press Release

BV Investment Partners (“BV”), a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, announced today that it has successfully completed its first and final close for BV Investment Partners Fund X at its hard cap of $1.1 billion. The Fund had a $1 billion target and received limited partner commitments in excess of its $1.1 billion hard cap.

Vik Raina, CEO and Managing Partner of BV Investment Partners, said, “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. 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.”

Fund X’s investor base includes mostly existing investors from a broad range of leading global foundations, public and corporate pension plans, financial institutions, family offices and individual investors, including management of past portfolio companies.

Maggie Carter, Chief Operating Officer of BV, said, “Almost all investors from BV Fund IX recommitted to Fund X, with over 80% of Fund X’s committed capital coming from existing investors. 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.”

Fund X’s predecessor Fund, BVIP Fund IX, was a $750 million fund raised in 2017. To support the growth of the Firm, BV has made significant investments to its team through both new hires and promotions in recent years. In connection with the closing of Fund X, BV announced the promotion of five Managing Directors: Maggie Carter, COO; Justin Garrison; Jonathan Holmes, CFO & CCO; Jason Kustka and Sean Wilder. Additionally, Laura Swearingen has been promoted to Principal and Sam Axelrod and Will Weimar have been promoted to Vice Presidents.

“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, 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.”

Fund X will seek to make control-oriented buyout and growth equity investments in established, high-growth, attractive companies that are EBITDA positive, have significant franchise value, and are market leaders in their respective sectors. The Firm takes a thesis-driven approach to pursuing end markets with long-term identifiable economic, technological, and demographic growth trends, and proactively pursues market leaders within those sectors. These areas cover a broad cross-section of the economy including: education, financial services, healthcare, outsourcing, marketing services, and insurance industries. Fund X will continue the Firm’s long history of partnering with founder and family-owned businesses poised to benefit from the Firm’s deep network, expertise and operationally-oriented approach to driving rapid earnings growth post-investment. BV Investment Partners expects Fund X to make between 13-15 investments with committed capital in the range of $30 million to $150 million per transaction.

Ropes & Gray LLP provided legal advice and Evercore Private Funds Group served as Placement Agent for the Fund.

About BV Investment Partners

BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested $3.5 billion, actively targeting investments in the business services, software and IT services industries. For more information, please visit www.bvlp.com.