Mayfair raises for second fund in US and Europe

The GP made an SEC filing listing commitments of $130m from US-based institutional investors (just under £94m at the exchange rate at the time) for Mayfair Equity Partners II, its latest buyout vehicle with a target of £600m.

Mayfair simultaneously filed details of a co-investment vehicle, Mayfair Equity Partners II Sidecar, with a £200m target. It had taken dollar commitments of slightly less than £37m for the sidecar.

Unquote has learned of seven LPs with commitments to the vehicle. The Universities Superannuation Scheme made a £100m commitment to Mayfair Equity Partners I and has backed the second vehicle. Dutch pension fund APG also returned after committing £40m to the first fund.

The European Investment Fund and Colorado Fire & Police Retirement Association approved the new fund after committing £29m and £15m last time respectively, and Swiss fund-of-funds Capital Dynamics has returned after previously making a £4m investment.

New LPs include Missouri's public school and education pension fund, PSRS/PEERS, and London-based fund-of-funds Pathway Capital Management.

Mayfair focuses on buyouts and expansion deals for UK-based companies in the TMT and consumer sectors. Its previous fund was 70% invested across six transactions as of January 2018.

Other UK-focused mid-market firms currently raising new funds include Exponent Private Equity, which launched its fourth fund with a €1.5bn target in July 2017, and Inflexion Private Equity, which closed its fourth fund on £650m in October 2014.

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