Riverside Partners beats target on Fund V

Riverside Partners has closed its fifth fund on $561m to target investments in healthcare and technology companies.

After only six months on the market, Boston-based Riverside Partners attracted “strong” support from its investors to close Fund V well over its $500 million target. 

The firm held its final close $561 million, according to a release from placement agent Atlantic-Pacific Capital, attracting “strong” support from existing limited partners. Investors included the Arkansas Teacher Retirement System, the West Virginia Investment Management Board, the Illinois State Board of Investment, Yale University and the El Paso Firemen & Policemen’s Pension Fund, according to data provider Private Equity Connect

Riverside and Atlantic-Pacific could not be reached for comment at press time. 

The firm, which is headquartered in Boston, typically invests in founder or management-owned mid-market healthcare and technology companies. As of January, the firm was focused on investments between $20 million and $200 million, according to a previous release. 

As of December, the firm had generated a 3.9x return multiple on realised investments, a person with knowledge of the firm told Private Equity International in a prior interview.

Riverside’s previous fund raised $406 million in 2009. Atlantic-Pacific was also the placement agent for that fund. 

Earlier this year, the firm completed its acquisition of ITC Global, a provider of satellite communications services to mining, energy and maritime businesses in “remote or harsh” environments.

Riverside was founded in 1988 and is managed by general partners David Belluck, Ian Blasco, Philip Borden, Frank Do, Brian Guthrie, Steve Kaplan and Jon Lemelman. Its partners have managed more than $500 million in investments.