BOSTON, September 12, 2023 – BV Investment Partners (BV), a private equity firm focused on the tech-enabled business services, software and IT services sectors, announced today that it has completed fund raising for BV Investment Partners Fund XI at its hard cap of $1.75 billion, exceeding its target of $1.5 billion.
Consistent with its predecessor funds, Fund XI will continue BV’s proven strategy of investing alongside founders, management, and families to grow businesses. The Fund has committed to seven platform investments to date. Since its founding in 1983, the firm has generated over $9.8 billion of total value and invested in 117 platform companies across 11 funds. BV raised Fund X in 2020 with $1.1 billion of commitments.
Vikrant Raina, Chief Executive Officer and Managing Partner of BV, said “We are grateful to our existing and new investors for their exceptionally strong support. We also want to thank the thousands of portfolio company stakeholders who are collaborating with us every day to build impactful technology solutions businesses. As we begin our fifth decade we look forward to leveraging our deep industry experience to capitalize on exciting tech-driven middle market opportunities. Fund XI is already off to a great start with seven exceptional platform investments committed in the portfolio and several exciting new opportunities in the pipeline.”
Fund XI’s investor base includes a broad range of leading global sovereign wealth funds, foundations, public and corporate pension plans, financial institutions, family offices and individual investors, including management of portfolio companies.
Maggie Carter, President and Chief Operating Officer, said, “Faced with strong headwinds in the current fundraising environment, I believe the successful outcome of the Fund XI capital raise is a testament to the Firm’s consistency in strategy, team and performance. We are thrilled almost all of our existing investors have chosen to invest with BV again in our latest fund, with nearly 75% of the capital raised in Fund XI coming from existing relationships. We also continued to diversify our LP base with the addition of new high quality institutional investors across the globe. We are a Firm that highly values its partnerships with our management teams and investors. Our goal now is to deliver on the performance expected of us in Fund XI. With a strategy that has succeeded through multiple economic cycles coupled with significant investments to the team over the last year, we believe we are in a great position to achieve this goal.”
Evercore served as Placement Agent for the fund and Ropes & Gray LLP provided legal counsel.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested approximately $4.8 billion, actively targeting investments in the tech-enabled business services, software, and IT services industries. BV was ranked in Inc. magazine’s 2022 list of Founder-Friendly Investors. For more information, visit www.bvlp.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC