Lawyers advise on PE firm’s £200m fund

Bristol lawyers at Osborne Clarke have advised Kester Capital on the close of its latest fund at £200m.

Kester Capital, a leading UK lower mid-market private equity firm, has announced the final close of its latest fund, Kester Capital III.

The Fund exceeded its target of £150m and closed at its hard cap of £200m, more than double the size of its predecessor fund. The Fund focuses on investing in primary buyouts in the healthcare and technology sectors.

International legal practice Osborne Clarke advised Kester Capital. The team was led by Bristol-based partner Helen Parsonage, head of Osborne Clarke’s UK Financial Institutions Group, who was supported by associate Nick Kristensen. Legal director Elizabeth Shanahan, who is also based in Osborne Clarke’s Bristol office, advised on tax.

The Fund builds on the successes of Kester Capital I and Kester Capital II, which have delivered three consecutive exits with a return over 4x and seven consecutive exits with a return over 3x. Osborne Clarke advised on Kester Capital’s most recent exit from Jollyes earlier this month, which delivered a return of 4.2x.

Alongside support from existing investors, the Fund attracted a number of new, blue-chip institutional investors from the US, Europe and the UK.

Helen Parsonage from Osborne Clarke said: “We’re delighted to have supported Kester Capital with their latest fund. It’s fantastic to see the success of the fundraise, particularly in the current market.”