Riverside Closes Oversubscribed Fund with $406 Million

Riverside Partners, a healthcare-focused buyout firm based in Boston, has closed its fourth fund, Riverside Fund IV, with $406 million in commitments, topping its initial target of $250 million. The firm’s prior fund, a 2005 vintage, had $225 million in commitments.

Press release:

Riverside Partners, a leading private equity firm focused on middle market healthcare and technology companies, today announced the closing of Riverside Fund IV with $406 million of committed capital.

The $406 million Riverside Fund IV follows the firm’s successful $225 million Riverside Fund III, established in November 2005. Riverside was able to secure support from most of the existing institutional investors from Fund III. Additionally, the fund attracted a number of new partners including state and corporate pension plans, foundations, family offices and fund of funds. Fund IV builds on the firm’s 20-year track record of generating substantial investment returns by partnering with founder- and family-owned healthcare and technology companies based in North America.

“Given the challenging financial conditions of 2009, we are very pleased to have completed our fundraising, achieving our hard cap in less than one year. We are particularly appreciative to have substantial support from our existing investors, as well as attracting a number of new blue chip investors, during a difficult climate,” said David Belluck, General Partner at Riverside Partners, LLC. “We are excited about the new fund’s prospects. Our team is poised to identify and invest in strong healthcare and technology companies that are consistent with the businesses we have successfully worked with over our 20-year history.”

Atlantic-Pacific Capital Inc. served as Riverside’s placement agent for Riverside Fund IV. Choate, Hall & Stewart, LLP served as counsel to the fund.

About Riverside Partners

Founded in 1989, Riverside Partners is a middle market private equity firm focusing on growth-oriented companies in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 -$200 million and with $5 – $25 million of EBITDA. For more information, visit us at www.riversidepartners.com.