The Riverside Company has passed the $500 million mark on its fourth micro-cap fund, according to investor sources.
The fund is believed to be on track to hit its hard-cap of $650 million in the third quarter of this year.
Riverside Micro-Cap Fund IV has held a close on $314.9 million while Riverside Micro-Cap Fund IV-A closed on $227.4 million, according to two regulatory filings with the US Securities and Exchange Commission last week.
Riverside declined to comment on the fundraising.
According to PEI Research & Analytics, Riverside Micro-Cap Fund IV was launched in 2015, and was initially targeting $500 million. Its predecessor, the 2014-vintage Riverside Micro-Cap Fund III, held a final close on $350 million in 2014, having initially targeted $225 million.
Riverside Micro-cap Fund IV is lead-managed by Loren Schlachet, a managing partner based in Riverside's Los Angeles office.
It is understood to have already made at least five investments.
In terms of its micro-cap strategy, it typically focuses on North American businesses with an Ebitda of between $1 million and $7 million.
This story first appeared on http://www.privatehealthcareinvestor.com .