Boston-based Riverside Partners is planning a first close on its fourth fund in the coming weeks, a source familiar with the situation said. The fund, Riverside Fund IV LP, has a target of $250 million, which is a slight increase from its $225 million third fund.
Riverside Fund III LP closed in 2006, with investments from Abbott Capital, Hartford Investment Management, the Massachusetts Institute of Technology, TIFF and MN Services. The fund placed riverside squarely on the middle market map, exceeding its initial target of $175 million. That sum was already a large step up from its previous fund of $68 million and its debut fund of $46 million. Fund three used the placement agent services of Probitas Partners.
Riverside Partners LLC is a growth-oriented private equity fund founded in 1988. Led by David Belluck, Brian Guthrie , both formerly of the consulting group Monitor Group, as well as Phillip Borden, Steve Kaplan, and Jon Lemelman, the firm targets founder of family-owned technology and healthcare plays with $10 million to $100 million in revenues.
Recent deals include a growth investment in Vocollect Inc. in July, and an add-on acquisition of Renewable Power Systems by portfolio company Alteris Renewables in June. A month prior, the firm sponsored the recapitalization of IZI Medical Products, a Baltimore-based provider of medical markers used in image-guided surgery, radiology and radiation therapy.
The firm declined to comment on fundraising.