Daily News: May 18, 2012

River Associates Closes Lower Middle-Market Investment Fund


River Associates Investments, a lower middle-market private equity firm, announced the final closing of its sixth investment fund, River VI, with $222 million in commitments, exceeded its initial target of $200 million and is more than twice as large as River V, which was a $110 million fund.

River Associates said it received strong support from its existing investors, with almost all of them making a capital commitment to River VI. In addition, River VI attracted an impressive list of new investors including internationally recognized insurance companies, endowments, pension plans and private equity fund-of-funds. As they have in prior funds, the partners of River Associates made significant personal capital commitments to River VI.

The firm said River VI will continue its strategy of control buyouts of lower middle market companies. The private equity firm generally targets investments in platform companies with $3-10 million of operating cash flow located in the U.S. or Canada.