Riverside's new fund overflows original target

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Boston-based Riverside Partners said it closed its third private equity fund at $225 million of committed capital.

The 17-year-old private equity firm said it had set a fund target of $175 million. It has invested $40 million of the new fund in three founder-owned health care and technology businesses, Riverside officials said.

The new fund, Riverside Fund III, includes partners such as Massachusetts Institute of Technology, Abbott Capital Management, MN Services (on behalf of its clients), and Hartford Investment Management.

Riverside specializes in customizing investments in founder- and family-owned firms. Riverside Fund III started investing during the fourth quarter last year.

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