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.

Many private equity firms have been closing funds recently. In August, JMI Equity closed a $1 billion fund, and before that, Lariat Partners LP closed a $118 million fund

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