Private Equity success story

4th May 2016

NorthEdge Fund II hits hard cap of £300m

NorthEdge Capital revealed on March 4 it had closed its second fund, NorthEdge Capital Fund II, at the hard cap of £300m, raised in four months. Langham Hall’s latest private equity client said the equity haul brought total funds under management to over £500m 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 £225m, has invested over £180m in less than three years in 13 Northern-based businesses operating in a range of industry sectors.

Grant Berry, Managing Partner of NorthEdge, said: “We are delighted to have reached the hard cap of £300m 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.”

UBS acted as sole global placement agent on the fund. Paul Hastings, led by Duncan Woollard, Partner and Adam Knight, Associate acted as legal adviser to the fund. Vicky Mudford of Vicky Mudford Limited provided investor relations advisory services to NorthEdge. Langham Hall will act as fund administrator.