Alcuin closes third fund

The firm announced a first closing of £81m in January. Alcuin had hoped to cap the vehicle off at £100m in the first quarter and says the time it took to attract a further £19m is indicative of a still "arduous" fundraising environment.

The fund has a 10-year lifespan with the usual extensions. Conditions are described as industry standard.

Investors
The vehicle was backed by institutional investors and family offices including Alliance Trust Equity Partners, the European Investment Fund, Parish Capital Advisors, RenditeWertBeteiligungen and a UK insurance company.

Investments
Alcuin makes £2-10m growth capital and buyout investments in UK companies valued between £5-30m across all sectors. The fund does not have a sector focus; instead it looks for growing, profitable businesses in a range of industries.

Third Alcuin Fund has already made five investments: Agrivert, an organic waste recycling and waste-to-energy company; audiobook publisher AudioGo; Tasker & Partners, a Lloyd's insurance broker; Osprey, a niche publishing house; and the UK arm of doughnut brand Krispy Kreme.

Advisers
Jones Day provides legal advice for the fund, while Elm Capital Associates is acting as exclusive placement agent.

 

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