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12 March 20242 minute read

DLA Piper advises Renovus in the closing of its US$325 million multi-asset continuation fund

DLA Piper advised Renovus Capital Partners (Renovus), a Philadelphia-area buyout firm focused on founder-owned businesses in the knowledge & talent industries, in the closing of its first multi-asset continuation fund (CV) of approximately US$325 million. 

The new fund was formed to recapitalize four portfolio companies from Renovus Capital Partners, LP and Renovus Capital Partners II, LP. The four portfolio companies include: Aretum, a Maryland and Virginia-based technology and specialized services provider; ClinicalMind, a New York based full-service medical communication company; Lockstep Technology Group, a Georgia based technology services company; and Phoenix East Aviation, a Florida based FAA certified pilot training school.

The CV also makes available US$60 million of capital to fund strategic acquisitions for the CV portfolio companies.

“We were pleased to advise Renovus on this milestone first-time continuation fund closing, and we look forward to supporting them in the future as they continue to build companies within their CV portfolio and other funds,” said Adam Tope, the DLA Piper partner that co-led the deal team. 

The DLA Piper team that advised Renovus was led by partners Adam Tope (New York) and Aalok Virmani (Chicago) and included partner Itai Nevo (Boston) and of counsel Rachel Myung (Chicago).

The firm’s global secondaries team provides cutting edge legal and tax advice to various stakeholders in the secondaries marketplace. The team routinely advises sponsors and secondaries lead investors in all types of secondaries transactions including GP-led restructurings, portfolio sales and purchases, preferred equity transactions and NAV-based financing.