NorthEdge Capital seals £225m for first fund

PRIVATE equitry newcomer NorthEdge Capital has achieved a final close of its first fund of £225m.

The Manchester and Leeds-based outfit, which was founded in mid 2009 initially as a turnaround investor, made its first investment as a private equity house in February as it took a stake in Stockport engineering firm FPE Global.

NorthEdge, founded by former LDC executives Grant Berry and Andy Ball with entrepreneur Dan Wright, raised funds from 15 global institutions including CNP Assurances, European Investment Fund, Industriens Pension, MLC Investments, Pathway Capital Partners and West Yorkshire Pension Fund.

Around 48% of commitments came from Europe, 42% from the USA and 10% from Australia.

The NorthEdge fund targets investments of between £5m and £35m in businesses with enterprise values of between £10m and £100m. As its name implies, deal activity will focus on the North.

Grant Berry, NorthEdge managing partner, said: “All our investors have shown great confidence in the NorthEdge team and, more importantly, great confidence in the quality of the businesses and advisers based in the North of England.

“In particular, this fundraise has really put the North on the map for institutional investors who look at global investment opportunities, and they have liked what they have seen.

“We are looking for passionate, dedicated management teams who want capital to maximise the potential in their businesses. In return we bring a positive, creative and straight-talking approach. Crucially, NorthEdge also offers local decision-making. The North is our home and where our network is, and this is where the investment decisions are taken by the partners.”

Andy Ball, NorthEdge partner and chief investment officer, added: “Investors have shown a huge appetite for our maiden fund and this Final Close is a very proud moment for us.

“The North remains an economic powerhouse with fantastic businesses, hungry for capital.  NorthEdge’s legacy will be in creating a new legion of fast-growing, innovative businesses that are based here with a  global outlook.”

UBS acted as sole global placement agent . London law firm SJ Berwin, acted as legal adviser.

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