Palatine hits £100m close for impact investment fund
Manchester-based Palatine Private Equity has raised £100m for its impact investment fund, exceeding its £75m target.
Beth Houghton, partner, is leading the fund, leading a team of four investment specialists 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.
Palatine will be targeting investments up to £10m and expects to build a diversified portfolio of businesses which will include themes such as integrated health, ethical consumerism, lifestyle and wellbeing and the circular economy.
Houghton 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 Impact 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, 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.
