WAYNE, PA — Renovus Capital Partners recently announced the successful close of its inaugural multi-asset continuation fund, totaling approximately $325 million. The closing of this fund pushes Renovus’ total capital raised across various investment vehicles past the $1.5 billion mark, representing a significant milestone for the private equity firm.
The newly established Renovus Continuation Fund was formed to recapitalize four portfolio companies from Renovus Capital Partners, LP and Renovus Capital Partners II, LP. These include Aretum, a technology and specialized services provider; ClinicalMind, a medical communication company; Lockstep Technology Group, a technology services company; and Phoenix East Aviation, an FAA certified pilot training school.
In addition to recapitalizing these portfolio companies, the Continuation Fund also sets aside an additional $60 million to finance strategic acquisitions for these firms, thereby providing them with growth opportunities and potential to increase market share.
The fund’s creation and financing were primarily backed by leading limited partners such as New 2ND Capital, RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners, Unigestion, and Arcano Partners. Significantly, the three co-founders of Renovus also rolled over their investments into the new fund, demonstrating their confidence in the initiative.
“The successful establishment of the Renovus Continuation Fund marks another significant milestone for Renovus as a firm,” said Atif Gilani, Founding Partner at Renovus. “The commitments that the CV received from top-tier investors validate our investment strategy and the strength of our portfolio.”
The transaction allowed Renovus’ existing limited partners to realize substantial gains while offering them a chance to continue participating in future value creation. As a show of faith in the Continuation Fund, the Renovus founders are reinvesting all their capital investment and committing additional new capital to the fund.
“We are delighted to form this long-term partnership with Renovus and are excited for what the future has in store as the firm continues to build on its commitment to its business and doing well for investors,” commented Tjarko Hektor, the lead partner from New 2ND Capital.
The founders of Renovus, Brad Whitman and Jesse Serventi, expressed their pride in the growth of the companies in the Continuation Fund portfolio since their original investment.
Jefferies served as the exclusive financial advisor for the transaction, while DLA Piper acted as Renovus’ legal counsel.
The closing of the Renovus Continuation Fund represents a significant step forward for the company, cementing its position in the private equity landscape. With the backing of top-tier investors and the strong performance of its portfolio companies, Renovus is well-positioned to continue delivering value for its investors while supporting the growth and development of its portfolio companies.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.