UK-based private equity firm Epiris has closed its new fund at 821 million pounds. The fund’s investors include public and private pension funds, endowments and foundations, asset managers and private investors. Campbell Lutyens was the financial adviser and placement agent.
Epiris is pleased to announce the successful final close of Epiris Fund II (“Fund II” or “the Fund”), the first institutional private equity fund advised by Epiris LLP. The Fund attracted capital commitments totalling £821 million, making it one of the largest European first-time funds raised in the last decade.
Fund II comprises commitments from some of the world’s leading private equity investors, including public and private pension funds (34%), endowments and foundations (30%), asset managers (22%) and private investors (14%). The Fund’s investor base is global and originates from North America (46%), the United Kingdom (32%), Europe (18%) and the rest of the world (4%).
Fund II has already made four investments, the most recent being the acquisition of global auction house Bonhams. The other investments to date are TI Media, the UK’s largest consumer magazine publisher, Portals, one of the world’s leading manufacturers of “substrate” for banknotes, and The Club Company, the UK’s largest country club operator.
Epiris will continue to invest the Fund in opportunities where there is potential to transform businesses in partnership with exceptional management teams. The firm’s proven strategy is to target UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity in each investment.
Alex Fortescue, Managing Partner of Epiris, said:
“We are delighted with the support investors have shown for Fund II and are very proud that we were able to raise such a sizeable fund to invest in exciting UK-headquartered investments. We would like to thank all our investors. With four acquisitions under our belt and a full pipeline of new opportunities, the team is looking forward to making more on-strategy investments and enacting transformational change within our portfolio.”
Campbell Lutyens was the exclusive financial adviser and placement agent in respect of the fundraising.
About Epiris LLP
Epiris LLP is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. We target control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Between 2011 and 2016 Epiris invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Synthetic net returns from this portfolio are in the top-decile of European private equity funds of comparable vintages.
Epiris Fund II is an institutional private equity fund raised in 2017. Recent investments by Fund II include TI Media, the UK’s largest consumer magazine publisher, Portals, one of the world’s leading manufacturers of “substrate” for banknotes, The Club Company, the UK’s largest country club operator and Bonhams, the global auction house.
For further information please visit www.epiris.co.uk.
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