Riverside Europe collects €312m for fifth fund

According to publicly available documents, the fund is €110m short of its €450m target almost two years after its launch, after the inclusion of a €28m GP commitment.

The fund was launched in late 2015 with a hard-cap of $600m, according to unquote" data. It held a first close on $175m in February 2017.

Riverside Europe V is a growth capital fund focusing on the European lower-mid-market. The vehicle makes both minority and majority investments in companies with EBITDA in the €5-15m range, according to earlier reports by French publication Capital Finance. The GP focuses on investments in financial services, consumer goods, education, healthcare, technology and industry.

The vehicle has made two investments to date: Belgian construction panels manufacturer European Panel Company in a deal reportedly worth less than €250m in September 2016, and German kitchen spare parts distributor GEV the following month.

The fund's previous generation, Riverside Europe Fund IV, closed on €420m in October 2010, short of its €550m target due to difficult fundraising conditions, unquote" reported at the time.

Domiciled in Luxembourg, the Riverside Europe funds have a 10-year lifespan with two possible one-year extensions. For Fund IV, around 75% of the commitments were drawn within a five-year investment period, while the remaining 25% were to be set aside for eventual bolt-on opportunities and general portfolio management. The GP's funds typically attract commitments from Europe, the US and Australia.

Evercore is acting as placement agent for Riverside Europe V.

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