BOSTON, April 10, 2017 – BV Investment Partners (“BV”), a middle-market private equity firm focused on the business services and IT services sectors, today announced a successful first and final close for BV Investment Partners Fund IX at its $750 million hard cap, well above its $600 million target. The firm launched Fund IX in mid-January 2017.
The firm also announced the promotion of Matt Kinsey to Managing Director, and the appointment of Mike Ricciardelli as Managing Director-Operating Partner.
Vikrant Raina, Managing Partner of BV, said, “I want to thank our investors for their tremendous support. We are poised now to deploy capital from our new fund into a rich pipeline of prospective investments. BV’s sectors of focus are in a period of phenomenal growth as information and software transform the global economy. We look forward to continuing to work with very talented executives to help grow their businesses.”
The firm’s broadened investor base includes leading global foundations, public and corporate pension plans, financial institutions, family offices and individual investors including members of past portfolio management teams and BV’s Operating Advisory Board. BV’s previous Fund VIII closed on $487 million of committed capital in 2014.
Maggie Carter, Chief Operating Officer of BV, said, “Fund IX’s successful fundraise is a result of BV’s differentiated strategy, investment team, portfolio performance and the significant support we received from our existing investor base. Working with Evercore Group as our placement agent, we also welcomed a select group of new global institutional limited partners in the Fund. We are thankful for the support of our limited partner base, excited about the opportunities that exist for the Fund IX platform and focused on continuing to uphold our commitments to our investors.”
Speaking about the recent promotions and hires, Justin Harrison, Managing Director, said, “For nearly 35 years we have built and institutionalized our firm and developed a talented group of professionals who provide strategic, operating, and analytical assistance to portfolio management teams. As we continue to expand our investment team, we are very pleased to recognize Matt’s contributions to the firm with his promotion to Managing Director. Additionally, we have known and worked closely with Mike for many years and are excited about adding his experience and strong contributions to the firm.”
Mr. Kinsey joined BV in 2000 as an Associate and most recently was Partner. Previously, he was an Analyst and Associate with Chase Securities, Inc. He earned his B.S. in Finance from Ithaca College in 1996 and M.B.A. from Columbia Business School in 2005.
Mr. Ricciardelli joined BV’s Operating Advisory Board in 2012 and is an experienced online information and marketing services operating executive and entrepreneur. Previously, he was on the senior management team helping to run Bankrate, Inc. and prior to that, he spent time as VP, Marketing & Media Sales at Classified Ventures/Apartments.com. From 1999 to 2003, Mr. Ricciardelli was Co-Founder & VP, Strategic Development for Insurance.com, a venture he started from concept-stage and was later funded by Fidelity Capital/Ventures and sold in 2003. Earlier in his career, he held positions in strategy consulting and business development at Fidelity Investments, and financial analysis at Salomon Brothers. Mike earned his B.A. in economics from Middlebury College in 1995.
Evercore Private Funds Group served as Placement Agent for the fund, and Ropes & Gray LLP provided legal advice.
About BV Investment Partners
BV Investment Partners is currently investing its ninth private equity fund. The firm 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 over $2.9 billion in 88 companies, actively targeting investments in the business services and information technology services industries. For more information, please visit www.bvlp.com.