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Riverside closes latest fund on $1.5bn

9 Jan 2014

dollar envelope moneyPrivate equity firm The Riverside Company has held a $1.5bn final close for its latest fund, exceeding its initial target by 50 per cent.

Riverside Capital Appreciation Fund VI, which follows a $1.17bn vehicle raised in 2009, is the largest raised by the firm in its 25 years of existence.

The fund will invest in North American companies with enterprise values of up to $250m and EBITDA between $5m and $25m.

Riverside said that its employees committed more than four per cent of the fund, which is the firm’s largest GP commitment amount to date.

Riverside Co-CEO Béla Szigethy said, “The fundraising environment has gotten considerably tougher over the 25 years we’ve been in business.

“Investors are rightfully demanding and very selective about where they entrust their money, and we’re delighted to have earned that trust.”

In August last year AltAssets reported that Riverside held a $1.48bn third close in July.

The previous fund had achieved strong returns with the first four exits generating an IRR of 33 per cent, a source with knowledge of the matter told AltAssets.

LPs that have backed the sixth fund include the Washington State Investment Board and the Los Angeles County Employees Retirement Association, which committed $150m and $100m, respectively.

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