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Riverside Partners
David Belluck has led Riverside Partners since 1992, deploying roughly $1B exclusively into middle-market technology and healthcare companies from Boston.
Riverside Partners
Founded in 1989, Riverside Partners has spent three decades refining a single-strategy mandate inside two verticals: technology and healthcare. General Partners David Belluck, Steve Kaplan, and Craig Stern run the firm from its Boston headquarters. Belluck joined just three years after founding and still chairs the investment committee today; Kaplan arrived in 2006 with a hybrid background that includes operating roles at Harris Graphics and The Coleman Company alongside a partnership at The Boston Consulting Group. The firm raises capital from institutional investors — not a single-family balance sheet — and commits approximately $1B to North American companies. The strategy spans buyout and control equity transactions alongside minority growth investments for what the firm calls "up-and-coming companies." Riverside targets companies generating $3–15 million in EBITDA and then layers on add-on acquisitions of any size. Its portfolio covers software, telecommunications, information services, and tech-enabled business services within technology, while healthcare spans medical products, provider services, contract manufacturing, pharma services, and healthcare IT. Known portfolio companies include labeling-software provider Loftware, revenue-cycle-management platform Revecore, and captioning-and-transcription company 3Play Media. The firm supports portfolio companies through global acquisition programs rather than limiting them to domestic roll-ups. Riverside fields general partners, principals, associates, and a dedicated operating-partner bench — including a Healthcare Advisory Board, a Clinical Advisory Board, and a newly disclosed AI Advisory Board. In 2024, the firm hired Alicia Alexander as a principal from Audax Private Equity; Joshua Griffin joined as a principal in early 2026 from Webster Equity Partners. The firm maintains a single office in Boston and does not operate affiliated philanthropic foundations or adjacent club structures. What distinguishes Riverside structurally is its operator-advisory architecture layered on a concentrated two-sector mandate. The firm embeds former CEOs and C-suite executives directly into diligence and portfolio oversight through formal advisory boards — not informal advisor networks — covering clinical practice, healthcare operations, and AI implementation. That architecture means a $10M-EBITDA lab-services company can tap a former Cleveland Clinic COO and a Mayo Clinic Platform president without Riverside needing to build a 20-person operating team.
General information
Firm type
Private Equity
Year founded
1989
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Principals
David Belluck
General Partner
Steve Kaplan
General Partner
Craig Stern
General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Riverside Partners?
The three General Partners — David Belluck, Steve Kaplan, and Craig Stern — run investment decisions. Belluck has been with the firm since 1992 and chairs the investment committee. Kaplan joined in 2006 with operating experience at Harris Graphics and The Coleman Company plus a stint as a BCG partner. Stern joined in 2012 after investing in technology and media at Providence Equity Partners and General Atlantic.
How does Riverside Partners source deal flow?
Riverside's sector-specialist model and the networks of its Healthcare Advisory Board, Clinical Advisory Board, and AI Advisory Board are its primary origination engines. The firm also leans on three decades of relationships with intermediaries, lenders, consultants, and former portfolio-company executives within the technology and healthcare ecosystems. There is no evidence of a proprietary data-scraping or outbound-AI sourcing program.
Does Riverside Partners make fund commitments or only direct investments?
Riverside invests directly — the firm does not operate as a fund of funds. It writes equity checks for control buyouts and minority growth investments, and it funds add-on acquisitions through its portfolio companies. The firm does not mention making LP commitments to outside managers.
What EBITDA range does Riverside target?
Riverside targets companies generating $3 million to $15 million in EBITDA. The firm describes itself as focused on small- and medium-sized companies that are leaders in their niche. Add-on acquisitions can fall below that range, and the firm states it will pursue value-accretive add-ons "of any size."
Which sectors does Riverside Partners avoid?
The firm explicitly operates in only two sectors — technology and healthcare — and does not pursue consumer, industrials, financial services, or energy investments. Within healthcare, confirmed subsectors include medical products, provider services, contract manufacturing, pharma services, lab products, and healthcare IT. Technology subsectors include software, telecommunications, information services, tech-enabled business services, and transaction processing.
How is Riverside Partners connected to The Riverside Company?
Riverside Partners is unrelated to The Riverside Company — a global private equity firm also focused on the middle market but headquartered in New York and Cleveland. Riverside Partners has always been Boston-based and exclusively invests in technology and healthcare, while The Riverside Company operates across multiple sectors and geographies.
Does Riverside Partners maintain a philanthropic structure?
No separate philanthropic foundation is disclosed. David Belluck serves as Chair of the Advisory Board of America Forward and sits on the National Advisory Board for Public Service at Harvard College and the Board of Advisors of the Tisch College for Civic Life at Tufts University, but these are personal civic commitments — not firm-affiliated entities.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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