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Epiris raises over £1bn for Fund III

Epiris, a private equity firm that targets control positions in UK-headquartered businesses with an enterprise value of between £75m and £500m, has held the final close of Epiris Fund III with total capital commitments of £1.044bn.

The fund, which was oversubscribed and closed at its hard cap, had an original fundraising target of £850m.

Fund III is 27% larger than its predecessor, Fund II, which closed at £821m, and attracted support from new and existing investors globally including public and private pension funds, endowments and foundations, asset managers and private investors from across North America, the United Kingdom, Continental Europe, Japan and Australia.

Fund III, which will deploy between £40m and £150m of equity in each investment, has already deployed more than 20% of its total capital across four investments, the most recent being the acquisition of GSF, a leading supplier of aftermarket automotive parts. It has also completed the acquisitions of Pure Cremation, a provider of prepaid funeral plans in the UK; LoneStar, a supplier of high-performance fasteners to the world’s energy markets; and Delinian, a global B2B information services business.

Campbell Lutyens acted as placement agent and financial advisor. Clifford Chance and Carey Olsen acted as the fund’s legal counsel.

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