UK mid-market private equity firm Limerston Capital has closed its second fund, Limerston Capital Partners II, with total commitments of £245m from both existing and new LPs across the US, Asia and Europe.
The investor base draws from corporate pension plans, university endowments, charitable foundations, family offices and fund managers.
According to a press release, the fund’s strategy will target businesses with £5m to £15m of EBITDA. The increased size of the fund will allow it to maintain a low volume approach to platform investments while increasing capital deployed in buy-and-build across the sectors of healthcare, life sciences, business services and testing, inspection, certification & compliance.
The fund has already completed three investments in Scottish holiday parks company Largo Leisure; drug developer and manufacturer Concept Life Sciences; and storage business Astoriom.
WHR Capital acted as placement agent and Ropes & Gray served as legal adviser for the fund.
