Rutland closes third fund on £263m

The vehicle has a co-investment option for LPs, enabling it to invest up to £50m per deal.

Rutland Fund III has already made one investment: it acquired electronics retailer Maplin from previous backer Montagu for £85m in June 2014.

The vehicle was launched in 2013 with an initial target of £300m, and reached a first close in December that year, coinciding with Fund II's final investment, Millbrook Proving Group.

Investors
The fund attracted commitments from pension funds, funds-of-funds and family offices, many of which are existing investors. LPs hail from the UK, Europe and the US.

Investments
The newly raised vehicle will continue to follow Rutland's investment strategy, targeting complex or challenging situations, companies in need of strategic change, operational restructuring and improved performance.

The vehicle will target companies valued at between £20-150m, with Rutland committing between £10-50m per investment.

People
Mike Harris is partner and head of investor relations at Rutland, while Nick Morrill and Paul Cartwright are both managing partners.

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