Renovus Capital Partners has raised $875 million from new and existing investors for its fourth private equity fund.
The Philadelphia-based private equity firm said Tuesday Renovus IV was oversubscribed, exceeding its target of $750 million.
According to Renovus, the fourth fund will focus on making control investments in founder-owned small and medium-sized businesses in the lower middle market.
In early 2024, Renovus raised $325 million for its first multiasset continuation fund. The firm currently oversees private equity assets worth more than $2 billion and has secured over $1 billion across its three previous funds.
“Renovus IV is off to a great start with its first investment scheduled to close next week and a robust pipeline of prospective investments ahead,” said Brad Whitman, one of the founding partners at Renovus. “We thank our limited partners for their ongoing support as we begin to execute our value creation playbook.”
Morgan Lewis and Winston & Strawn advised Renovus, which also tapped Houlihan Lokey as its primary placement agent in the transaction.
The latest transaction came a month after Renovus acquired QualX, a Springfield, Virginia-based provider of records and information management services to federal government clients.
