About This Fund
Renovus Continuation Fund, L.P. is Renovus Capital Partners' inaugural GP-led multi-asset continuation vehicle, formed to recapitalize and extend four portfolio companies originally held in Fund I (Renovus Capital Partners, L.P.) and Fund II (Renovus Capital Partners II, L.P.). The fund closed on approximately $325 million in committed capital on February 27, 2024, with an additional $60 million reserved for strategic add-on acquisitions. The transaction gave existing Fund I and Fund II limited partners the option to realize gains or roll their interests into the new vehicle, while new secondary investors provided liquidity to those LPs who elected to exit.
The continuation vehicle is anchored by a diverse group of top-tier secondary investors: New 2ND Capital (lead), RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners, Unigestion, and Arcano Partners, alongside significant rollover capital committed by Renovus Capital Partners' three co-founders. The four portfolio companies transferred into the vehicle span the firm's Knowledge & Talent focus: Aretum (federal technology services, Maryland/Virginia), ClinicalMind (medical communications, New York), Lockstep Technology Group (IT services for education and healthcare entities, Georgia), and Phoenix East Aviation (FAA-certified pilot training, Florida). DLA Piper served as legal counsel for the transaction.
The Renovus Continuation Fund enables Renovus Capital Partners to extend its ownership of its strongest-performing portfolio companies beyond the typical fund lifecycle, aligning interests by giving existing LPs liquidity at their election while the management team retains co-investment in every business. The fund underscores the growing role of continuation vehicles in allowing lower middle market managers to avoid forced exits and maximize long-term value creation without the constraints of a fixed-life investment fund.