NorthEdge Capital (NorthEdge), the UK lower middle market private equity firm focused on the North of England, has closed its second fund, NorthEdge Capital Fund II at its hard cap of GBP300 million, raised in four months.
This brings total funds under management to over half a billion pounds raised in the last four years.
Fund II, which was fully allocated at launch, received overwhelming support from both existing and new institutional investors. Funds were raised from 18 international blue-chip investors including four new investors representing world class asset managers, foundations, fund of funds, insurance companies, private and public pension funds and sovereign wealth funds. 57 per cent of commitments came from Europe, 37 per cent from the USA and 6 per cent from Australia.
The previous fund, NorthEdge Capital Fund I, which reached a Final Close in March 2013 raising GBP225 million, has invested over GBP180 million in less than three years in 13 Northern-based businesses operating in a range of industry sectors.
Grant Berry, Managing Partner of NorthEdge, says: “We are delighted to have reached the hard cap of GBP300m in such a short timeframe and that our existing investors continue to show great confidence in supporting the NorthEdge team and offering. We are also delighted to welcome four new high quality, institutional investors to the fund. The North of England is now firmly on the map and continues to offer some great investment opportunities from a range of high growth businesses who are looking to broaden their national and global reach.
“We remain passionate about targeting dedicated management teams who want capital to maximise the potential in their businesses. In return we bring a positive, creative and straight-talking approach. Crucially, NorthEdge also offers local decision-making. The North is our home and where our network is, and this is where the investment decisions are taken by the partners.”
