Third Endless fund raises £220m
TURNAROUND investor Endless has said it will continue to support Yorkshire businesses after raising £220m for its third fund in just 10 weeks.
The firm, which scored a big return on its sale of Crown Paints, but then conceded defeat in its attempts to revive Liverpool retailer TH Hughes, said the investors in its Fund III were 15 institutions from the UK Europe and the US.
They include pension funds, USA universities, fund of funds and family offices. In total Endless now manages more than £500m.
Managing partner Garry Wilson said: “Endless Funds I and II have delivered top decile returns and this, together with the significant investment directly from the Endless partners and team, provides great confidence to our existing and new investors.
“The demand for our third fund amazed us and we were disappointed that we could not accommodate some of the blue chip investors who wanted to join us.
“An increase on our last fund size of 33% will enable us to help even more companies all over the UK in the next few years as economic conditions remain difficult.”
Endless has invested into 35 businesses since inception in 2005, making it among the most prolific turnaround investor in the UK in the past five years.
Partner Darren Forshaw added: “We started Endless in Yorkshire and many of our best investments have been from the region, including Peter Black International, Davy Markham and Vasanta Group.
“Our two current funds have now brought nearly £400m of external investment to be managed out of the region and this gives us the financial capability to continue to support local Yorkshire businesses as well as grow our own team.
“Acquiring loss making, distressed businesses is tough and we are proud that our investments to date have secured the future for more than 10,000 jobs.”
Endless was advised by SJ Berwin (Duncan Woollard) and Walker Morris (Simon Hardcastle).
