BOSTON, October 12, 2023 – BV Investment Partners, a Boston based private equity firm focused on tech-enabled business services, software, and IT services for more than 40 years, announced today the closing of a single-asset continuation fund transaction for Right Networks, a premier provider of cloud solutions to tax and accounting firms. This transaction continues BV Investment Partners’ ownership of the company and reaffirms its commitment to supporting Right Networks’ long-term growth strategy. The new continuation fund acquired BVIP Fund VIII’s stake in Right Networks.
The transaction was led by Lexington Partners and co-led by StepStone Group, Kline Hill Partners, and Apogem Capital. The new BV Investment Partners continuation fund includes additional capital to support Right Networks’ growth initiatives and expansion strategy.
“We are pleased to have partnered with new and existing investors on this oversubscribed transaction,” Vikrant Raina, Chief Executive Officer and Managing Partner of BV, said. “It generated an attractive liquidity option for our Fund VIII LPs and gave us the opportunity to continue onward with the next phase of transformational growth of a proven platform.”
Guggenheim Securities, LLC served as exclusive financial advisor to BV Investment Partners and Ropes & Gray LLP provided legal counsel on the transaction. Proskauer Rose LLP acted as legal counsel for Lexington, StepStone, Kline Hill, and Apogem.
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 $5.0 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, please visit www.bvlp.com.
About Right Networks
Headquartered in Hudson, New Hampshire, Right Networks is a vertical cloud service provider and offers the only intelligent cloud purpose-built for accounting firms and professionals. In addition to fully managed IT and applications, Right Networks provides a curated software ecosystem and a nationwide community to make managing a modern, thriving and secure business easier. More than 10,000 accounting firms and 60,000 SMBs count on Right Networks to run their businesses every day. For more information, please visit www.rightnetworks.com.
About Lexington Partners
Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is one of the largest managers of secondary acquisition and co-investment funds with $72 billion in committed capital since inception. Lexington has acquired over 4,400 secondary and co-investment interests through more than 1,180 transactions with a total value in excess of $83 billion, including $18 billion of syndications. Lexington is a subsidiary of Franklin Resources, Inc. For more information, please visit www.lexingtonpartners.com.
About StepStone Group
StepStone Group Inc. is a global private markets investment firm focused on providing customized investment solutions and advisory, data and administrative services to its clients. As of June 30, 2022, StepStone oversaw approximately $640 billion of private markets allocations, including approximately $143 billion of assets under management. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt, and real estate asset classes. For more information, please visit www.stepstonegroup.com.
About Kline Hill Partners
Founded in 2015, Kline Hill Partners is an investment firm focused on the private equity secondary market, with industry-leading capabilities in the small-deal space. With over $3 billion in assets under management, Kline Hill’s funds are backed by a blue-chip investor base that includes endowments, foundations, family offices, and other institutional investors. Kline Hill’s platform is designed to serve the entirety of the small-deal secondary market with capabilities spanning LP fund transfers, single and multi-asset GP-led transactions in partnership with leading mid-market sponsors, and secondary direct transactions across private equity, venture capital, growth equity, and other private market strategies. For more information, please visit www.klinehill.com.
About Apogem Capital
Apogem Capital was formed in April 2022 through the combination of PA Capital, Madison Capital Funding and GoldPoint Partners. With approximately $39 billion in assets under management as of June 30, 2022, Apogem offers investors access to the middle market’s growth engine through investments in leading private companies and funds. The firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity-co-investments, GP stakes, and private real assets. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company, through New York Life Investment Management Holdings, LLC. For more information, please visit www.apogemcapital.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC