London-based Tenzing Private Equity, a mid-market private equity firm, has raised 200 million pounds at a hard cap for its oversubscribed debut fund. The target was 150 million pounds. Tenzing Private Equity I LP will focus on making investments between 10 million pounds and 50 million pounds in a wide variety of sectors. Proskauer advised Tenzing on the fundraising.
January 19, 2017 (London) – International law firm Proskauer advised Tenzing Private Equity on closing its debut fundraising. Tenzing Private Equity I, L.P. reached its hard-cap with £200 million in commitments, closing well-above its £150 million target.
Based in London, Tenzing is a lower mid-market private equity firm, dedicated to backing entrepreneurial teams with a shared vision. Tenzing I was significantly over-subscribed with a diverse group of institutional investors from the UK, Europe and North America. The fund will target buyout investments between £10 million and £50 million, continuing the firm’s strategy of backing niche market leaders and challenger businesses across a broad range of industry sectors.
Guy Gillon, co-founder and joint managing partner at Tenzing, said “We were very impressed by the team at Proskauer, their depth of market knowledge and terms ensured that we received insightful and valuable strategic advice complemented by an efficient and smooth negotiation and closing. We look forward to working with the team on future funds.”
“We were delighted to be chosen by Tenzing to be their legal partner on their first fundraising,” commented Proskauer partner Nigel van Zyl. “Not only was the fund over-subscribed, it was raised in record time with a group of high quality investors.”
The fundraise was led by Nigel van Zyl and senior associate Edward Lee, and included associates Qasam Mahmood and Prishi Govender (Corporate), partner Catherine Sear and associate Daniella Abel (Tax) and special counsel John Verwey (Regulatory). Advising on the U.S. aspects of the transaction, the team included partner David Tegeler and associates Samuel Mirkin and Casey O’Brien (Corporate), partner Mary Kuusisto and Alec Campbell (Tax) and senior counsel Adam Scoll (ERISA).