Trivest raises $225m for first growth fund

The Miami-based private equity firm known for investing in family and founder-owned businesses will be seeking non-control investments in addition to their traditional buyout strategy.

Miami-based Trivest Partners announced the final close of the firm's first growth fund, Trivest Growth Investment Fund (TGIF), on $225 million, the firm said in a statement earlier this week. 

TGIF is Trivest's eleventh overall fund, sixth institutional fund and fourth fund focused on founder and family-owned investments. TGIF will target growth and non-control investments among founder-owned businesses in the United States and Canada. 

TGIF more than doubled its original target of $100 million in its first and final close. Investors in the fund include Adams Street Partners, AlpInvest Partners and Guardian Life Insurance Company of America, which all also invested in Trivest Fund V. State Farm also invested in the growth fund as a new investor to the firm, according to a source familiar with the matter. 

The partners of Trivest have committed to invest substantial capital alongside TGIF, according to the statement, although the size of Trivest's general partner commitment was undisclosed. 

TGIF will enable Trivest to tap into a significant, increasing number of investment opportunities that the firm's traditional buyout strategies were previously unable to address, according to the statement. 

Detroit-based Huron Capital Partners, also began pursuing non-control strategy investments, in additional to their traditional buyout strategies, Private Equity International reported earlier in May. 

Trivest's previous fund, Trivest Fund V held a close on $415 million in 2012, above its $325 million target. The buyout fund invests in consumer goods and business services in North America. Investors include Metropolitan Life Insurance Company (MetLife), Portfolio Advisors and Sun Life Financial, among others, according to PEI data. 

In February, Trivest hired Greg Baty as a partner to strengthen the firm's efforts in sourcing, due diligence and value creation for TGIF. Baty, who has experience with leading and structuring growth and non-control investments, previously worked at Hamilton Lane, where he helped establish and lead the Florida Growth Fund (FGF) for the Florida State Board of Administration. Under Baty's leadership, the FGF grew to $750 million in assets under management and completed 34 direct, growth and non-control investments, according to the statement. 

Shannon Advisors acted as placement agent for the Trivest Growth Investment Fund. Greenberg Traurig served as fund counsel.

Trivest Partners was founded in 1981 and has $879.4 million in assets under management, according to PEI data.