Equistone closes Fund VI at €2.8bn hard cap
Private equity specialist Equistone Partners Europe has announced the final closing of its Equistone Partners Europe Fund VI (EPEF VI) at its hard cap with total commitments of €2.8bn.
EPEF VI will invest in European buyouts valued between €50m and €500m, targeting well-positioned businesses in Western Europe, including more companies in the North West and Yorkshire.
The fundraising was completed within four months of its launch in early November, 2017. The fund attracted commitments from an enhanced base of 56 major institutional investors across Western Europe and the Nordic region (accounting for 56% of capital raised), North America (28%), and the rest of the world (16%), including pension funds, funds of funds, sovereign wealth funds and insurance companies.
Equistone has had an office in the Midlands since the late 1980s and from Birmingham has invested in a number of high-profile and successful businesses. In recent years these have included the technology-led provider of outsourced marketing services, Inspired Thinking Group; LSL Property Services plc, one of the UK’s largest property services groups; Audley Travel, a leading UK and US tailor-made experiential travel business; and the Solihull-headquartered flexible power generator, UK Power Reserve.
Paul Harper, partner at Equistone in Birmingham, said: “This is good news for the Midlands with our new fund giving us significant firepower to support local businesses with the potential to grow. Management teams like to know that the equity investor they work with is here for the long term and with this new fund in place, we will continue to use our regional knowledge, extensive contacts and our long-established reputation to enable businesses to achieve their growth ambitions whilst also creating greater job opportunities for the region.”
Evercore Private Funds Group advised Equistone on the fundraising and Clifford Chance acted as fund formation, tax, and regulatory counsel.
