Elaghmore holds £60m final close for maiden fund

Elaghmore has made investments on a deal-by-deal basis for around 10 years using the partners' capital, a spokesperson for the firm told unquote". It is also understood the partners, who all come from operational backgrounds, took just three months to raise the fund.

Rede Partners acted as placement agent to Elaghmore in the fundraising process.

Investors
Elaghmore raised commitments from institutional investors across the UK and US, primarily consisting of US endowments, US foundations and European funds-of-funds, according to the spokesperson.

The firm also said in a statement that its partners made "significant financial commitments" to the new vehicle.

Investments
Elaghmore 1 will back UK-based industrial businesses and will consider making turnaround deals.

The vehicle will look to make 8-10 investments with a typical equity cheque ranging from £5-10m, according to the spokesperson. It will back companies with both domestic and international growth strategies.

The fund's first investment has seen it acquire automotive components manufacturer SB Components. Prior to raising the vehicle, the firm invested in food ingredients provider Chaucer Food Group, which it recently sold to Japanese trade buyer Nagatanien.

People
Elaghmore – David Manning, Andy Ducker, Greg Koral (partners).

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