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Riverside closes Riverside Micro-Cap Fund V at $1.2 billion hard cap

The Riverside Co. closed its Riverside Micro-Cap Fund V at $1.2 billion, a spokesman said.

The buyout fund, which invests in quickly growing North American companies with enterprise values of up to $10 million, exceeded its $750 million fundraising target. The previous fund, Riverside Micro-Cap Fund IV, closed at $650 million in 2015.

Investors include the $78.6 billion Ohio State Teachers' Retirement System, Columbus; the $69.9 billion State of Michigan Retirement Systems, Lansing; the $30.2 billion Texas County & District Retirement System, Austin; $14.4 billion Maine Public Employees' Retirement System, Augusta; and $8.3 billion Rhode Island Employees' Retirement System, Providence.