Preservation Capital Partners (PCP), a London-based sector-specialist private equity firm, has closed its third fund at its hard cap of €877 million (approximately $1 billion), completing the raise in six months — the fastest fundraising timeline in the firm’s history. The fund was oversubscribed, with investor commitments exceeding the hard cap, and represents approximately double the size of PCP’s predecessor fund, which closed in 2024. The firm now manages approximately €3 billion in assets under management.
Fund III drew commitments from a broad base of global institutional investors, including pension funds, insurance companies, asset managers, endowments, foundations, and family offices. Existing limited partners provided meaningful re-up capital, reflecting continued confidence in PCP’s strategy, while a significant number of new investors joined from the United Kingdom, North America, Continental Europe, the Middle East, and Asia.
The fund will pursue PCP’s established investment strategy: acquiring mid-market businesses in Western Europe operating within asset-light Business and Financial Services sectors. Founded in 2017, PCP has built its track record around companies in these sectors that generate recurring, capital-light revenues — a profile that has historically attracted premium valuations and demonstrated resilience across economic cycles. Evercore served as strategic adviser and global placement agent on the fundraise, with Kirkland & Ellis acting as legal counsel.
KEY QUOTES:
“We are delighted with the outcome of this fundraise and deeply grateful for the conviction shown by our investors. To reach our hard cap on an oversubscribed basis within six months, against a difficult market backdrop, is a strong endorsement of our team, our strategy and the relationships we have built. We are equally pleased to welcome a substantial cohort of new institutional investors alongside our long-standing partners.”
Jatender Aujla, Founder and Managing Partner, Preservation Capital Partners
