Philadelphia-based private equity firm Renovus Capital Partners has closed its first multi-asset $325m continuation fund (Renovus Continuation Fund), bringing its total capital across multiple investment vehicles to over $1.5bn.
According to a press release, the fund was formed to recapitalise four portfolio companies from two previous funds – Renovus Capital Partners, and Renovus Capital Partners II – and will also provide those companies with an additional $60m for strategic add-on acquisitions.
The fund’s formation and funding was supported by New 2ND Capital, RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners, Unigestion, Arcano Partners and “significant rollover” from Renovus’s Co-Founders.
Renovus Continuation Fund’s four portfolio companies are: Aretum, a provider of technology and specialised services to federal civilian and military government agencies formed from a merger of Panum and Miracle Systems; ClinicalMind, a medical communication company; Lockstep Technology Group, a technology services company providing technology infrastructure, cloud solutions and IT management consulting; and Phoenix East Aviation, a pilot training school certified by the US Federal Aviation Administration.
According to the press release, the Founders of Renovus plan to reinvest the entirety of their capital investment and commit additional new capital to the Renovus Continuation Fund “as a show of confidence in the [fund]”.
In a statement, Atif Gilani, a Founding Partner at Renovus, said: “The successful establishment of the Renovus Continuation Fund marks another significant milestone for Renovus as a firm.
“The commitments that the [fund] received from top-tier investors validate our investment strategy and the strength of our portfolio. At the same time, the [fund] was approved unanimously by existing LPs, a strong vote of confidence in our work for them to date.”
Jefferies served as financial advisor and DLA Piper served as legal counsel to Renovus.
