BV Investment Partners, a mid-market private equity firm focusing on business services and IT services, has hit the hard-cap on its latest fund in a first and final close.
The Boston-headquartered firm took three months to amass $750 million for BV Investment Partners Fund IX which closed above its $600 million target, according to a statement.
“We are poised now to deploy capital from our new fund into a rich pipeline of prospective investments,” BV's managing partner Vikrant Raina said in the statement. “BV's sectors of focus are in a period of phenomenal growth as information and software transform the global economy.”
The fund's investor base includes global foundations, public and corporate pension plans, financial institutions, family offices and individual investors including members of previous portfolio management teams and the firm's operating advisory board. A “select group” of new global limited partners also committed to the fund, according to the statement.
BV's previous fund, BVIP Fund VIII, closed above its $400 million target on $487 million in 2014, according to the statement. Investors in Fund VIII include Arkansas Teacher Retirement System, Illinois State Board of Investment and Arlington County Employees' Retirement System, according to PEI data.
The firm also announced it has promoted Matt Kinsey to managing director and Mike Ricciardelli to managing director and operating partner.
Kinsey joined the firm in 2000 from JPMorgan Chase and has more than two decades of experience in investment banking and principal investing. Ricciardelli joined BV's operating advisory board in 2012 and has experience in online information and marketing services, according to the statement.
Evercore helped place the fund, while Ropes & Gray provided legal advice on the fundraising.