Wednesday, December 30, 2009

Riverside Partners rounds up $378M total for fourth fund

By Galen Moore

The current high-water mark for Riverside Partners’ new fund is much higher than previously reported.

As Mass High Tech first reported Monday, the Boston-based private equity firm has raised a new fund to invest in middle-market and growth-stage companies in the health care and technology sectors.

However, as the Thomson-Reuters blog Private Equity Hub kindly pointed out late Tuesday, the fund, Riverside’s fourth, is worth far more than the $85.6 million originally reported here. Riverside IV is bifurcated into an onshore fund so far worth $292.4 million, and an off-shore fund valued at $85.6 million. Both were disclosed in filings posted by the U.S. Securities and Exchange Commission on Dec. 28, bringing the total fundraise for Riverside IV to $378 million — far above the firm’s third fund, which closed in 2006 at $225 million. The filings pegged the fourth fund’s final close at $400 million.