Endless closes third fund on £220m

Fundraising for Endless Fund III started 10 weeks ago with an initial £200m target. Some potential LPs had to be turned down, in addition to commitments from existing backers being scaled back. The £220m raised marks a 34% increase on Endless' previous fund, which closed on £164m in 2008.

The fund's fees structure remains the same as the previous vehicle's, which was said to be slightly above industry standards. The standard 10-year lifetime was also retained.

No placement agent was used in this latest effort, while SJ Berwin and Walker Morris were mandated as legal advisers.

Investors
Endless Fund III's LP base comprises 12 investors evenly split between Europe and North America. They comprise pension funds, US universities, funds-of-funds and family offices.

Three LPs from the previous vehicle dropped out of Fund III. These include former cornerstone investor HRJ Capital, which collapsed in 2009, and two family offices that are no longer investing in private equity. Three new LPs enabled the fund to have the same number of investors as its predecessor.

Endless made a GP contribution in excess of £20m to the fund.

Investments
Endless specialises in UK-based companies requiring operational turnaround, financial restructuring and performance improvement. This latest fund will therefore not pursue a different strategy.

The investment range has however been extended from £1-25m to £1-44m, which will enable Endless to address slightly larger investment opportunities.

Endless Fund III will look to complete 12-15 deals across its investment period. The turnaround house already has a transaction in the pipeline, which is expected to close in the coming weeks.

People
Endless' team of 18 investment professionals is spearheaded by managing partner Gary Wilson and partner Darren Forshaw.

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