Close Brothers Private Equity (“CBPE”) announces the closure of its seventh UK mid market private equity fund at £360m.

The success of CBPE’s earlier funds and its strong 20-year performance record enabled fundraising for Fund VII to be completed in six months. The focus of the Fund will continue to be CBPE’s favourite hunting ground – UK mid-market transactions valued at between £10m and £100m. CBPE also intends to continue its emphasis on investing in the support services, specialist manufacturing, logistics and leisure sectors, where it has achieved success in the past.

Fund VII attracted considerable interest from US and continental European investors who, for the first time in CBPE fundraisings, exceeded UK-sourced funding. Significant investors include AIG Global Investment Corp, AlpInvest Partners N.V., Danske Private Equity Partners, J P Morgan Fleming, Lockheed Martin Pension Fund, the New York State Teachers Retirement Fund and Scottish Widows.

Commenting on the fundraising, John Snook, Managing Partner of CBPE, said: “The speed with which we have closed the fund, ahead of our original target, is really pleasing. We have received great support from our core investor base and have attracted a number of new investors. This support follows our good track record and focus on the UK mid-market as a stable and profitable segment for private equity investment. It remains the engine room of the UK PE industry.


“Our focus will remain on transactions up to £100m – the same as Fund VI. If we factor in the usual forms of gearing involved in our transactions, the new fundraising will give us over £1 billion to be invested in the UK mid-market.”

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Contact:

Close Brothers Private Equity
John Snook: +44 (0)20 7065 1100

This press release has been issued by Close Brothers Private Equity.