Apiary Capital (Apiary), a specialised private investment firm focused on lower mid-market UK services, has held the final close of Apiary Capital Partners II substantially above target with £240m in capital commitments.
According to a press statement, Apiary’s new fund will continue to focus on the UK lower mid-market targeting asset-light businesses with defensive characteristics across fragmented markets in the business services, financial and technology services, healthcare and education sectors.
The Fund will invest in developing management and organisational infrastructure to create platforms primed for rapid growth, unleashed through roll-ups, roll-outs or transformative mergers.
The fund secured significant support from existing LPs as well as several new institutional investors. The LP base includes endowments & foundations, public and private pensions, consultants, funds of funds, and family offices with around 60% of investors from the United States and the balance from the UK and Europe.
Fund II has already completed a significant strategic investment in Carbon Underwriting Limited, a tech-enabled Managing General Underwriter servicing the global insurance industry. In addition, Apiary recently announced the sale of portfolio company, TAG, to ECI realising a return of 4x for Fund I investors.
Rede Partners acted as global fundraising advisor. Proskauer acted as legal counsel.
