Cairngorm Capital closes third fund at GBP200m hard cap

Cairngorm Capital Partners has closed its third fund – Cairngorm Capital III – at its GBP200 million hard cap. The fund, which was oversubscribed, has already made five investments.

Signalling ongoing confidence in and support for its investment approach, Cairngorm Capital is backed by an array of leading international institutional investors, comprising prestigious European funds of funds, US university endowments and major charitable trusts. Cairngorm Capital is particularly gratified that each of its existing institutional investors increased their commitment for Fund III. The firm’s third fund has also attracted new investment from a number of leading North American endowments. In line with Cairngorm Capital’s philosophy, a substantial investment was made by the firm’s principals.
This closing of the third fund underscores the success of Cairngorm Capital’s investment team and its proven investment strategy. It follows an intensely active period, which has seen the firm complete 35 investments and bolt-ons since its maiden fund in 2015, creating a portfolio of 11 highly performing companies with over 6,500 employees and combined revenues in excess of GBP1 billion.
Cairngorm Capital’s strategy remains unchanged – to identify investing opportunities in profitable UK headquartered, closely held businesses, where it can provide the expertise and support to drive accelerated transformational growth. With committed equity capital in excess of GBP400m, the firm will continue the same disciplined investment selection and thoughtful buy-and-build strategies to deliver strong and consistent returns. Priority sectors include medical services, building materials, financial services and savings administration, food and drink, and water management.
Andrew Steel, Managing Partner of Cairngorm Capital, says: “All of us at Cairngorm Capital are delighted with the continued and increased support from our core group of long-term institutional investors. It is a privilege to be trusted as custodians of their capital. We are also especially pleased to welcome our new institutional investors to Cairngorm Capital.”
Acanthus Advisers, as exclusive placement agent, advised Cairngorm Capital on the fundraising and Fried, Frank, Harris, Shriver & Jacobson LLP provided legal advice.