Sovereign hits first close for £350m fund

Sovereign Capital has held a first close of its third fund, Sovereign Capital Limited Partnership Fund III, at around 40% of its £350m target. The sizeable first close is already 27% larger than its predecessor, despite today's extremely difficult fundraising conditions.

Sovereign's second fund closed on its hard cap in May 2005 on £275m, comfortably surpassing its £200m target in only seven months on the road. The lower mid-market's first fund closed on £120m in April 2002.

Investors in Sovereign funds tend to hail a third from Europe, mostly funds-of-funds; a third from the US, mostly endowments; and a third from the UK, mostly family offices. Funds-of-funds in the second fund include Access Capital Partners, Danske Private Equity, Nordea Investment Management, Robeco Private Equity and Wilshire Associates Europe.

Sovereign appointed Richard Taylor as assistant director last month to its investment team. He joined from Octopus Private Equity where he was head of the Leeds office.

Sovereign's last deal was the bolt on of three fostering agencies by portfolio company National Fostering Agency in April 2009.

Sovereign declined to comment.

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