Riverside raises $250M

Riverside Co. said Thursday, Sept. 7, it has closed its submidmarket Riverside Micro-Cap Fund I at $250 million, sharply exceeding its initial $150 million target.
The fund will make majority stake purchases of North American micro-cap companies, businesses with annual revenues ranging from $5 million to $25 million and annual Ebitda of $3 million or less. It will aim to hold its investments for seven to 10 years, with the goal of increasing the companies' annual earnings to more than $10 million.