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Laxman Pai, Opalesque Asia: Boston-based middle-market private equity firm BV Investment Partners has closed its tenth fund on its $1.1 billion hard cap in a first and final close.
BV Investment Partners Fund X's target was $1 billion. Fund X is 47% larger than its predecessor fund, the $750 million BV Investment Partners Fund IX, that closed in 2017.
BV Investment Partners Fund X investors consist mostly of existing limited partners and include global foundations, public and corporate pension plans, financial institutions, family offices and individual investors.
Institutional investors in the fund include the $17.6 billion Arkansas Teacher Retirement System, Little Rock, and the $2.4 billion Arlington County (Va.) Employees' Retirement System.
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."
The new vehicle will seek to make control-oriented buyout and growth equity investments in established, high-growth companies in tech-enabled business services, software and IT services sectors, which are EBITDA positive, have significant franchise value and are market leaders in their respective sectors.
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.
Since its founding in 1983, the firm has invested $3.5 billion, actively targeting investments in the business services, software, and IT services industries.
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