Private equity firm closes £100m investment fund

Palatine Impact team

Lower mid-market private equity firm, Palatine Private Equity, has closed a new investment fund after exceeding its target.

The firm, which has bases in Birmingham and Manchester, closed its Impact Investing Fund at its hard-cap of £100m, exceeding its £75m target.

The fund will target positive social and/or environmental impacts alongside industry-standard returns.

Beth Houghton, a Partner at the firm, is leading the fund. She heads a team of four investment professionals including fellow partner Zoe Clements, who joined Palatine from Electra Partners in October 2016 and has brought 12 years’ private equity experience to the firm.

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.

Ms 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.”

Evercore Private Funds Group acted as the exclusive global placement agent for the fundraise.

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.”

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