ECI Partners, a UK mid-market buy out specialist, has held the first and final close of its new fund, ECI 9, just three months after its launch.
ECI Partners, a UK mid-market buy out specialist, has held the first and final close of its new fund, ECI 9, just three months after its launch.
It has closed its ninth fund above the GDP400m target at GDP430m.
ECI’s previous fund, ECI 8, closed on GDP255m in April 2005.
Funding was received from a total of 27 investors/advisers, with over 90 per cent raised from existing investors in prior ECI funds.
The investors are geographically split between the US, UK and Europe with two Asian limited partners.
As with previous ECI funds, the investor base contains a broad mix of pension funds, insurance companies, funds of funds, endowments and family offices.
Over a million UK pensioners are represented by funds directly investing in ECI funds.
ECI 9 will invest in buyouts, buy-ins and development capital transactions with an enterprise value range of between GDP10m and GDP150m.
Steve Tudge, managing director, says: ‘The success of fundraising for ECI 9 has surpassed our expectations given the challenging conditions of the past three months. We are delighted that over 90 per cent of the ECI 9 capital has been committed by existing ECI investors showing the loyalty of our investor base, some of whom will now have invested in the last six successive ECI funds since 1990.’
