Epiris announced the final close of Epiris Fund III with total commitments of £1.044 billion. This fund had a target of £850 million and was oversubscribed at its hard cap.
Fund III is 27% larger than its predecessor Fund II – which closed at £821 million due to demand from new and existing investors globally, backing Epiris’ proven strategies. And Fund III comprises commitments from a large number of the world’s leading private equity investors, including public and private pension funds, endowments and foundations, asset managers and private investors. The Fund’s investor base is truly global and originating from across North America, the United Kingdom, Continental Europe, Japan and Australia.
Fund III already deployed over 20% of its total capital across four investments, the most recent being the acquisition of GSF (a leading supplier of aftermarket automotive parts). And it has also completed the acquisitions of Pure Cremation, the leading 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.
Epiris will continue investing in opportunities to transform businesses in partnership with exceptional management teams. And the firm focuses on identifying and resolving the complexities which hold businesses back, providing fresh capital and thinking to reposition businesses strategically and in terms of scale and growth. The firm targets UK and international businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity in every investment.
Campbell Lutyens acted as a placement agent and financial advisor. And Clifford Chance and Carey Olsen acted as the fund’s legal counsel.
KEY QUOTES:
“We could not be more pleased to have brought this fund raising to such a successful conclusion. We are hugely grateful to our investors, both new and longstanding, who have entrusted us with their capital. It’s a source of great excitement, and testament to the hard work and discipline of the whole Epiris team, to be able to build strong partnerships with some of the world’s leading investors in private equity.”
– Alex Cooper-Evans, Partner of Epiris
“We are obviously delighted that so many investors not only share our view of the opportunity to bring positive transformational change to businesses, but also have chosen to support our team and our strategy. We have already made four investments for Fund III, all archetypical Epiris deals in every respect. We have an exciting pipeline and see exciting opportunities to deploy the fund in both today’s environment and the years ahead.”
– Alex Fortescue, Managing Partner of Epiris
