Riverside Partners, a Boston-based, middle market private equity firm, announced the closing of a new Continuation Fund, led by funds advised by Neuberger Berman, a private, independent, employee-owned investment manager.
The Continuation Fund and related vehicles are comprised of $532 million in capital commitments. The Continuation Fund was formed to provide fresh capital for add-on acquisitions for the seven portfolio companies of Riverside Fund V, L.P. (Fund V) and more time to support their continued growth, as well as to offer liquidity to existing limited partners. The fund raise was oversubscribed, and it was launched and completed within six months. All existing investors in Riverside Fund V were provided a choice to receive liquidity or continue their investment, including a status quo option.
“We are excited to complete the Continuation Fund for Riverside Fund V, which will provide us with additional capital and time to continue pursuing growth opportunities for the portfolio as we seek to generate additional returns for our investors,” said David Belluck, a General Partner of Riverside Partners.
Source: Cision PR Newswire
