Mid-Market Funds Are Lowering Their Targets, Too
Latest Example: Riverwood Capital, which last October began raising its debut fund with a $1.25 billion target. Pretty ambitious for a first-timer in today’s market. Or maybe a bit too ambitious. The Palo Alto-based firm, which makes growth equity tech investments, is now telling prospective LPs that $750 million is probably a more realistic fund size, according to a source. Notably, Riverwood Capital wasn’t always Riverwood. The firm formed last year under the name “Bigwood Capital,” with co-founders Michael Marks, the former KKR partner and Flextronics CEO, and Christopher Varelas, the former co-global head of tech media and telecom investment banking for Citigroup. No word on the reason behind the name change.
9 January 2009•1 min read
