- Middle-market private equity firm BV Investment Partners announced it has launched the $1.1 billion Fund X
BV Investment Partners — a middle-market private equity firm focused on the tech-enabled business services, software, and IT services sectors, announced it has successfully completed its first and final close for BV Investment Partners Fund X at a hard cap of $1.1 billion. Fund X had a $1 billion target and received limited partner commitments in excess of its $1.1 billion hard cap.
The Fund X investor base includes existing investors from a wide range of leading global foundations, public and corporate pension plans, financial institutions, family offices, and individual investors, including management of past portfolio companies.
The predecessor fund of Fund X (known as BVIP Fund IX) was a $750 million fund raised in 2017. And to support the growth of the firm, BV has made significant investments to its team through both new hires and promotions in recent years.
Along with the closing of Fund X, BV announced the promotion of five Managing Directors: Maggie Carter (COO), Justin Garrison, Jonathan Holmes (CFO & CCO), Jason Kustka, and Sean Wilder. Plus Laura Swearingen has been promoted to Principal and Sam Axelrod and Will Weimar have been promoted to Vice Presidents.
Fund X is seeking to make control-oriented buyout and growth equity investments in established and high-growth, companies that are EBITDA positive, have significant franchise value, and are market leaders in their respective sectors. Plus BV takes a thesis-driven approach to pursuing end markets with long-term identifiable economic, technological, and demographic growth trends and proactively pursues market leaders within those sectors.
These areas cover a broad cross-section of the economy, including education, financial services, healthcare, outsourcing, marketing services, and insurance industries. And Fund X will continue BV’s long history of partnering with founder and family-owned businesses poised to benefit from the firm’s deep network, expertise, and operationally-oriented approach to driving rapid earnings growth post-investment.
With Fund X, BV is expecting to make between 13-15 investments with committed capital in the range of $30 million to $150 million per transaction.
Key Quotes:
“BV has a long history of partnering with outstanding management teams and entrepreneurs to accelerate the growth of their businesses by applying our strategic and operational expertise. We are very excited about Fund X’s prospects and the ability to continue our strategy at a time when the landscape for investing in tech-enabled business services and IT services companies providing solutions to rapidly growing segments of the economy is extremely attractive. We are grateful for the strong support we received from our Limited Partners and look forward to the investment opportunities that lie ahead.”
– Vik Raina, CEO and Managing Partner of BV Investment Partners
“Almost all investors from BV Fund IX recommitted to Fund X, with over 80% of Fund X’s committed capital coming from existing investors. We are honored to have their long term support and the opportunity to continue to enhance these partnerships. We are also excited to begin relationships with an outstanding group of select new investors, which diversify our global investor base into new regions and investor types.”
– Maggie Carter, Chief Operating Officer of BV
“We strongly believe we have the right strategy, industry focus and, most importantly, the team to continue to deliver on our commitments in Fund X. We are pleased to recognize the contributions of each team member through these well-earned promotions. The Fund X platform provides an exceptional opportunity for our team to continue to add value across the portfolio and Firm and we are looking forward to this next chapter in BV’s story.”
– Justin Harrison, Managing Partner of BV
