Lower middle-market private equity firm BV Investment Partners has closed a $487 million fund in the best fundraising climate in years.
The fund, BV Investment Partners Fund VIII, closed above the firm's $400 million target. Investors include new and returning investors, such as public pension plans, fund of funds and family offices.
BV's new fund will invest in lower middle-market information, business services and communication companies. The firm's investments in the Efficient Collaborative Retail Marketing Co., a marketing services group for the consumer product and retail sectors, and in INetU, a cloud-services group, came from the new fund. The firm's other investments include Health Information Designs, Oakstone Publishing and En-Touch Holdings LLC.
Evercore Partners served as BV's placement agent for the fund, and Ropes & Gray provided legal advice.