ECI closes 10th fund on £500m hard-cap

The vehicle, ECI 10, was launched in April this year with a target of £400m. According to ECI, the fund was significantly oversubscribed.

The fund's predecessor, ECI 9, closed in December 2008, raising a total of £437m. Its portfolio companies have reported an aggregate increase in EBITDA of 21% in the year to June 2014, with turnover up 18% in the same period.

In March this year, ECI 9 exited car rental service CarTrawler to BC Partners and Insight Venture Partners, with ECI reaping 6x its initial investment.

Investments
As with the GP's other vehicles, ECI 10 will focus on assets in the UK mid-market and look to make buyout investments in firms with an enterprise value of between £10-150m. ECI specialises in investments within the technology, media, telecommunications, business services, consumer, industrial and healthcare sectors.

Investors
A total of 25 investors – including pension funds, funds-of-funds, insurance companies, endowments, family offices and sovereign wealth funds – made commitments to ECI 10.

Existing LPs committed 80% of the fund's total, averaging an increase of 33% on prior commitments. The vehicle attracted investment from the UK, the US, Europe, the Middle East and Australia.

People
Sean Whelan is a manager partner at ECI.

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• Topics
• Buyout
• UK / Ireland
• ECI Partners
• United Kingdom