Equistone Partners Europe closes fund at €2bn

PRIVATE equity firm Equistone Partners Europe has successfully closed a fund with total capital commitments of €2bn (£1.4bn).

The firm, which has a central Birmingham office, completed the fundraising in its Equistone Partners Europe Fund V (EPEF V) fund in just six months.

Equistone will make a commitment to EPEF V alongside the institutional investors.

The fund, launched in October, has exceeded the investment firm’s initial target of €1.75bn.

EPEF V will continue to invest in European buy-outs valued between €50m and €300m, targeting well-positioned businesses with strong growth prospects.

The fund attracted substantial commitments from a wide range of major institutional investors including pension funds, fund of funds, sovereign wealth funds, and insurance companies.

Commitments came from 43 institutional investors in Europe, North America and the rest of the world. Of the €2bn commitments raised, approximately 80% came from existing investors in prior Equistone funds with the proportion of capital raised from North America increasing to 29%.

Capital from Europe accounted for 47% of the Fund with Asia and the Gulf contributing 24% of commitments.

Phil Griesbach, partner at Equistone and head of the Midlands office, said: “EPEF V gives us further opportunities to invest in strategic businesses with the potential to grow.

“Moreover, this is good news for the Midlands – particularly as the economy continues to improve. It is important for management teams to know that the equity investor they are working with has longevity and we will continue to use our regional knowledge and contacts to assist businesses to grow, prosper and create jobs.”