Riverside Australia Fund III
Riverside Australia is the local arm of The Riverside Company, a global private equity firm founded in 1988 with more than three decades of experience investing in the lower mid-market. The Australian team was established in 2007 and focuses on control investments in growing companies across Australia and New Zealand, partnering with founders and management to accelerate expansion and operational improvement.
Riverside applies a hands-on investment approach, combining global resources, sector expertise and operational capabilities with local market knowledge. By leveraging Riverside’s worldwide network and in-house operating team, the firm supports portfolio companies in scaling domestically.
Riverside Australia Fund III is a 2019 vintage fund with A$352 million in investor commitments. The fund targets control buyouts of lower mid-market businesses across healthcare, software, consumer and business services, typically with enterprise values between A$50 million and A$200 million. RAF III focuses on companies with strong market positions and growth potential where Riverside can apply its operational expertise, international network and partnership approach to deliver sustainable growth and value creation.
Portfolio Companies
At investment in April 2019, Alpha-H was an award-winning cult skincare brand recognised for its pioneering glycolic acid-based products, clinical-grade peels and resurfacing formulas. The business had established a strong reputation across prestige retail, spas, department stores and travel channels, with distribution into more than 25 countries and a loyal following among skincare professionals and consumers alike.
The thesis was to support the founder and management to professionalise operations, expand global distribution (especially in Asia and the US), invest in digital and brand building and deepen margin performance through better systems and scale.
Alpha-H was exited in April 2025 to Vita Green, marking the brand’s transition into global ownership and reinforcing its position as a recognised player in the cosmeceutical skincare market.
At investment in March 2020, ILS was a leading supplier and rental platform for assistive technology and home-care equipment across Australia, operating through two complementary divisions: retail (22 showrooms supported by a growing e-commerce channel) and clinical services (a network of field clinicians). The company was already a trusted brand in mobility and aged-care solutions, positioned to benefit from rising demand driven by demographic shifts and increasing home-based care.
The thesis aim’s at accelerating the company’s national footprint through additional showroom and field expansion, add-on acquisitions and improve operational integration to meet rising demand from the aged care sector.
ILS remains an active investment in RAF III, continuing to expand its footprint, capabilities and service mix across retail and clinical channels.
At investment in April 2021, Altius was a diversified allied health and wellbeing provider offering rehabilitation, occupational and corporate health services across around 30 locations. The business had built strong relationships with insurers, corporates and government agencies, delivering a wide suite of services spanning preventative health, injury management and therapeutic support, making it well placed to scale in a sector seeing sustained growth.
The thesis aims at supporting growth through M&A and organic expansion, centralises support functions and diversify into corporate health channels to strengthen customer relationships.
Altius remains an active investment in RAF III, positioned to scale across Australia as a differentiated wellness and rehabilitation platform.
At investment in May 2021, Smartways was a specialist logistics provider dedicated to the healthcare sector, servicing the highly regulated supply chain for medical devices, consumables and pharmaceutical products across Australia and New Zealand. With a reputation for reliability and long-term contracts with leading healthcare clients, the business was positioned as a critical link in ensuring time-sensitive and compliant delivery of medical products.
The thesis is focused on building a premium, differentiated healthcare logistics platform by enhancing digital capability, internalising software development and deploying bolt-on acquisitions to broaden coverage and operational control.
Smartways remains an active investment in RAF III, with a strong position in critical healthcare logistics segment and with further expansion potential being realised
At investment in October 2021, Energy Exemplar was an Adelaide-based software company that had grown into a niche global provider of energy simulation and forecasting platforms for electric power, gas and water markets. Its flagship product, PLEXOS, was widely adopted by utilities, regulators and system operators, underpinning the company’s reputation as an industry-standard tool for market modelling and long-term planning.
The thesis was to transform an Australian niche software firm into a global SaaS leader by scaling product development, expanding international sales and operations and positioning for institutional exit.
Riverside sold Energy Exemplar in 2023 via sale to private equity firms Blackstone and Vista Equity Partners for a media reported $1.6bn. At exit, Energy Exemplar was a global leader in energy market simulation software, with its PLEXOS platform used by utilities, system operators and regulators across more than 65 countries to optimise energy planning, pricing and decarbonisation strategies.
At investment in November 2021, Avance Clinical was Australia’s largest full-service contract research organisation (CRO) specialising in early-phase clinical trials. The company had built a strong track record with biotech and pharmaceutical clients, offering end-to-end clinical, data and biometrics services and was recognised for its expertise in navigating regulatory frameworks and accelerating trial timelines.
Riverside’s thesis is focused on expanding its clinical, data and biometrics capabilities, replicate success internationally (especially U.S.) and deepen capabilities to win higher-value trials.
Avance remains an active investment in RAF III, with execution focused on cross-border trial growth and platform development.
At investment in March 2022, EventsAir was a global event management software business delivering solutions for hybrid, virtual and in-person events. The platform was already supporting major international conferences, exhibitions and corporate events, with a reputation for innovation, scalability and seamless client support, making it a well-placed operator in the rapidly evolving event tech industry.
The thesis was to invest in product innovation, international go-to-market expansion and operational scaling to capture growth in event tech.
EventsAir remains an active investment in RAF III, continuing to serve large-scale event organisers globally.
At investment in June 2025, Dingo Software was a predictive maintenance and condition monitoring software company serving mining and industrial clients globally. The company is recognised for its proprietary software platform and expertise in extending asset life and improving operational efficiency.
Riverside’s thesis is focused on scaling Dingo’s SaaS business model, expanding into adjacent industrial sectors and driving international growth across North America, South America and Asia. Strategic initiatives include enhancing product innovation, expanding enterprise sales capability and investing in data analytics and AI to strengthen predictive insights.
Dingo remains an active investment in Fund IV, positioned as a global leader in predictive maintenance software with strong growth potential in mining and industrial markets.
