Palatine wraps up debut impact fund

Palatine Private Equity has closed its impact fund at a hard cap of 100 million pounds, beating its target of 75 million pounds. Evercore Private Funds Group was the placement agent.

PRESS RELEASE

Palatine Private Equity L.L.P. (together with its affiliates, “Palatine” or the “Firm”), has announced the Final Close of Palatine Private Equity Impact Investing Fund LP (the “Impact Fund” or ” Fund”) at its hard-cap of £100 million, exceeding its £75 million target. Evercore Private Funds Group acted as the exclusive global placement agent for the fundraise.

The Impact Fund is the inaugural vehicle raised by Palatine targeting a positive social and/or environmental impact alongside industry-standard returns. It represents a continuation of Palatine’s commitment to responsible investing, and builds upon the numerous awards the firm has won for its Environmental, Social and Governance (ESG) credentials.
Beth Houghton (Partner) is leading the Fund. Beth has guided Palatine towards multiple ESG awards since joining the firm in 2007, and won the BVCA’s first “Outstanding Individual Contribution” award for responsible investment in 2016. Beth will lead the team of four investment professionals including Zoe Clements (Partner), who joined Palatine from Electra Partners in October 2016 and brings 12 years’ private equity experience to the team. Tim Farazmand, a veteran of the private equity industry and Chairman of the BVCA’s Impact Investment Committee, is the Fund’s chairman.

The Impact Fund reached its hard-cap in under a year of fundraising and attracted commitments from a diverse group of investors including public pension plans, endowments, consultants, funds of funds and high net worth individuals. Several of Palatine’s existing LPs supported the fundraising as well as a number of new investors. Palatine will be targeting investments up to £10m and expects to build a diversified portfolio of businesses within the fund, targeting suchwhich will include themes such asthemes as integrated health, ethical consumerism, lifestyle and wellbeing and the circular economy.
Beth Houghton, Partner of Palatine Impact, said: “The Impact Fund builds on Palatine’s longstanding commitment to responsible investment. We have developed a strong pipeline of companies led by people that share our passion to grow companies that make a difference. The Iimpact team are excited to work alongside these management teams to deliver positive social or environmental impact alongside private equity returns.”

Gary Tipper, Managing Partner of Palatine Private Equity, added: “We are delighted to announce the final closing of the Impact Fund and want to thank the LPs who had the vision to support us in what is relatively virgin territory. Our commitment to ESG and our focus on generating market rate returns was key in my view in attracting an impressive LP base for the Fund.”

Richard Anthony, CEO of Evercore’s Private Funds Group, said: “We are delighted to have worked with Palatine once again and are thrilled about the success of the Impact fundraise, which is undoubtedly a testament to the calibre of the Palatine team and their track record.”

Alexander Rayden, Managing Director of Evercore’s Private Funds Group, commented: “Palatine’s Impact Fund successfully attracted a high quality investor base showing how responsible investment and good returns can co-exist”.
Richard Anthony, Alexander Rayden, Meredith Bourne and Christopher Mockford of Evercore Private Funds Group acted as exclusive Global Placement Agent; Kate Downey and Nick Roxburgh of Fried, Frank, Harris, Shriver & Jacobson acted as Legal Advisor to Palatine Private Equity.