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Sept. 14, 2022: Avance Raises $1.1 Billion for Inaugural Fund

Plus, SER secures $475 million for debut fund, and Bow River invests in human capital SaaS

Sept. 14, 2022: Avance Raises $1.1 Billion for Inaugural Fund

Read the top headlines from Wednesday, September 14, 2022 below:

Avance Closes Inaugural Fund at $1.1 Billion

Middle-market private equity firm Avance Investment Management has announced the close of its inaugural fund with about $1.1 billion in capital commitments, according to a press release. Avance will focus its investment strategy on founder-owned mid-market companies in the services, technology and consumer sectors. Its fundraise surpassed the firm’s initial target of $500 million, it said, adding that pension plans, insurance companies, foundations and funds of funds, as well as industry executives contributed to the funding.

The fundraise follows four platform investments since its founding in 2020, including investments in revenue management solutions, equipment rentals, insurance and e-commerce.

SER Capital Raises $475 Million for Debut Fund

Private investment firm SER Capital Partners, whose investments focus on sustainability initiatives, announced $475 million in funding for its debut fund SER Capital Partners I. Endowments, state pensions, insurers, health systems and family offices contributed to the fundraise, which surpassed its initial target. Targeting middle-market businesses, SER capital has invested in four portfolio companies so far, with funding for electric vehicle charging and battery storage, energy storage and renewables development, clean energy and more.

“Looking ahead, we see a myriad of compelling investment opportunities that move us beyond legacy industrial processes heavily reliant on fossil fuels and subject to extreme commodity volatility—including those benefitting from the supportive patchwork of local, state, regional and recently expanded federal policy, stated Rahul Advani, the firm’s founder and managing partner.

Bow River Funnels Growth Equity into Human Capital SaaS

Bow River Capital, a middle-market private equity firm, announced its growth equity team has invested in HRSoft, a human capital SaaS company. According to a press release, the growth equity (SGE) team has taken a majority stake in the business, which allows its corporate clients to manage employee compensation and performance. With the investment, HRSoft aims to pursue value growth and to “rapidly build out their software platform, upshift their client success model, and launch a world class go-to-market engine,” according to Bow River Capital director and SGE team member Maitlan Cramer.

Related content: From Tactical to Strategic: Human Capital Planning for a Post-Pandemic World