Trivest Closes its Largest Fund Ever, the Trivest Recognition Fund, at its Hard Cap with $1.3 Billion of Capital Commitments
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The Fund will focus exclusively on founder-led & family-owned businesses with EBITDA greater than $15 million
MIAMI, October 31, 2023-- Trivest Partners (“Trivest” or the “Firm”) announced the closing of Trivest Recognition Fund (“Recognition” or the “Fund”) at its hard cap with over $1.3 billion of total capital commitments (including Trivest and its affiliates’ commitments) that will seek to generally invest in platform companies with EBITDA above $15 million. Despite a crowded private equity fundraising market, Trivest received significant support from both its established investor base and a number of new investors. The Fund includes a diversified mix of limited partners including endowments, corporate and public pensions, insurance companies, funds of funds, family offices and individuals, including more than 40 founders and CEOs of current and former Trivest investments. Recognition represents Trivest’s twelfth institutional private equity fund and brings Trivest assets under management to approximately $5.5 billion.
Trivest provides “Private Equity for Founders” across the United States and Canada. The Firm has refined a disciplined strategy focused on investing in high quality, growth-oriented, lower middle market businesses. Trivest actively employs established deal sourcing techniques, including its Just Say No program and systematic Path to 3x value creation methodology in an effort to drive investment returns for its stakeholders. Most importantly, Trivest seeks to “build great businesses, one business at a time.” The Firm and its team of more than 85 professionals is highly active, closing more than 250 new investments and exits over the past five years.
Recognition is Trivest’s largest buyout fund to date focused on control investments in founder and family-owned businesses. Its first investment in Perricone Juices closed in December 2022 and several others are currently in the pipeline. Recognition provides Trivest with a new opportunity to expand the Firm’s reach and capabilities to even more businesses in the U.S. and Canada.
“Trivest’s transparent approach to investing has resonated with founder and family-owned businesses for more than 40 years. Recognition Fund is named for the fact that we recognize the accomplishments of founders who have built sizable businesses, and we appreciate their sacrifice in doing so. We look forward to using Trivest’s considerable resources to assist these great businesses in realizing their next phase of growth and development,” says managing partner Jorge Gross, Jr., who leads the Fund’s investment activities with the support of a dedicated internal team.
“We couldn’t be more pleased with the support we received from all of the Recognition Fund investors,” said Trivest managing partner Troy D. Templeton. “Achieving our hard cap during one of the most challenging fundraising markets in history is a testament to what our team has built over the past four decades at Trivest. We believe our strategy is truly differentiated. Now with four investment approaches under the Trivest banner, we believe the breadth of solutions and flexibility we can provide founders is comprehensive.”
Shannon Advisors acted as placement agent for the Fund and Kirkland & Ellis LLP served as fund counsel.
Trivest Partners, headquartered in Miami with a presence in Charlotte, Chicago, Denver, Los Angeles, New York, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the U.S. and Canada, in both control and non-control transactions. The Firm is highly active; over the past five years, Trivest has completed more than 250 investments. Trivest has roughly $5.5 billion in assets under management and a growing team of over 80 professionals. Learn more at www.trivest.com.
Certain information herein was provided by third parties and certain statements reflect the beliefs of Trivest Investment Advisors, LLC (together with its advisory affiliates, “Trivest”) as of the date hereof, which are based on prior experience and certain assumptions that Trivest believes are reasonable, but may prove incorrect. The information presented above is only for informational and educational purposes and is not an offer to sell or the solicitation of an offer to buy any securities or other instruments. Additionally, the above information is not intended to provide, and should not be relied upon for investment, accounting, legal or tax advice. Trivest makes no representations, express or implied, regarding the accuracy or completeness of this information, and the reader accepts all risks in relying on the above information for any purpose whatsoever. There can be no assurances that the Fund will be able to implement its investment strategy or achieve its investment objectives, and there can be no assurance that investors will not lose any or all of their invested capital. Moreover, there can be no assurances that any plans or expectations described herein, including information related to the Fund’s investment pipeline, will be realized as expressed herein or at all, and all such plans are subject to uncertainties and risks.