Renovus Capital Partners Announces Close of Fourth Private Equity Fund, Oversubscribed at $875 Million

News provided by

Oct 08, 2024, 08:00 ET

WAYNE, Pa., Oct. 8, 2024 /PRNewswire/ -- Renovus Capital Partners ("Renovus"), a Philadelphia-area private equity firm, today announced the successful close of its fourth private equity fund Renovus Capital Partners IV Core Buyout, L.P. (along with its parallel fund vehicles, "Renovus IV"), which was significantly oversubscribed with total capital commitments of $875 million.

Renovus Capital Partners: Brad Whitman, Jesse Serventi, Atif Gilani

Founded in 2010 by three long-term colleagues, Renovus specializes in investments within the Knowledge & Talent sectors, including Education, Technology Services, Healthcare Services, and Professional Services. Renovus IV closed with total commitments of $875 million, comprising $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. Due to the strong demand from both existing and new investors, Renovus IV exceeded its target of $750 million. Limited partners for Renovus IV include a diverse mix of university endowments, foundations, pension funds, insurance companies, banks, family offices, and industry executives from both the U.S. and abroad.

Earlier this year, Renovus announced the closing of its first multi-asset continuation fund at $325 million. In addition, the firm has raised over $1 billion across its three prior private equity funds and currently manages more than $2 billion in private equity assets.

"We are grateful for the continued support from our partners, which reflects their confidence in our strategy and execution capabilities," said Founding Partner Atif Gilani. "We are also excited to welcome new limited partners from across the globe, including institutions in Canada, Europe, the Middle East, and Asia. It is rewarding to see our team's experience and commitment resonate with both new and existing LPs, many of whom have been with us since our inception nearly 15 years ago."

Renovus IV will build on the strategy of its predecessor funds, focusing on control investments in founder-owned small and mid-sized businesses in the lower middle market. Founding Partner Jesse Serventi stated, "Our goal is to continue to deliver top-tier outcomes for our portfolio companies and limited partners alike. We have demonstrated a consistent track record of sourcing great yet under-invested founder-owned companies, and over the course of our investment period scaling and professionalizing them, generating both EBITDA growth and multiple expansion at exit."

"Renovus IV is off to a great start with its first investment scheduled to close next week and a robust pipeline of prospective investments ahead," added Founding Partner Brad Whitman. "We thank our limited partners for their ongoing support as we begin to execute our value creation playbook."

Renovus was advised by Morgan Lewis and Winston & Strawn. Houlihan Lokey served as the primary placement agent.

About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $2 billion of assets across its several sector focused funds. The firm's current portfolio includes over 30 U.S. based businesses specializing in education and workforce development and services companies in the technology, healthcare and professional services markets. Renovus typically makes control buyout investments in founder owned businesses, leveraging its industry expertise and operator network to make operational improvements, recruit top talent and pursue add-on acquisitions. Visit us at www.renovuscapital.com and follow us on LinkedIn.

SOURCE Renovus Capital Partners LLC