River Associates Raises $285M For Oversubscribed Seventh Fund

Jun 10 2017 | 12:31am ET

River Associates Investments has raised $285 million in capital commitments for its seventh middle-market private equity fund, surpassing the original $250 million target.

The oversubscribed new fund, named River VII, was raised in approximately eight months, the company said in a statement. Commitments came from endowments, public company pension plans, insurance companies and family offices. 

Consistent with prior funds, the partners of River Associates have made significant personal capital commitments to River VII.

The new fund will pursue control buyouts of lower middle-market companies with $3-12 million of EBITDA located in the U.S. or Canada.

Proskauer Rose LLP served as fund counsel for River VII. No placement agent was used.

Founded in 1989 and based in Chattanooga, Tennessee, River Associates has invested in a total of 80 platform and add-on companies located in 23 different states and two Canadian provinces. Target businesses include privately held, private equity-backed, or divestitures across a wide variety of sectors. 

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