UK mid-market picking up speed

According to the findings published in Initiative Europe’s ‘2004 Mid-Market Indicator’, the UK mid-market continued to attract private equity investment despite the bursting of the tech bubble and widespread over-allocation to the asset class. Buyout funds in the mid-market sector raised £1.95bn out of a targeted £2.16bn in 2003, with several firms such as Graphite Capital and Barclays Private Equity achieving final closes. Hugh Lenon of Phoenix Equity Partners expects the level of LP interest to increase this year, driving up the amount of capital raised. He commented “With stockmarkets moving upwards, fund investors with asset allocation restraints will find it increasingly easier to operate in this fieldâ€. Competition became stiffer in the mid-market bracket in 2003, whilst trade buyers withdrew slightly, although they continued to dominate the market in general terms.

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• UK / Ireland