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Elysian to launch new £250m fund in Q1 2020

Katharine Hidalgo
20 December 2019

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Elysian Capital is expected to launch Elysian Capital III in early 2020 with a target of around £250m.

Elysian CEO Ken Terry told Unquote that the new fund's target would be around £250m, as the firm did not want to move into the more competitive larger deal bracket size.

The fund's predecessor, Elysian Capital II, closed on £250m in July 2015 and is currently 72% deployed. LPs in the fund include Hamilton Lane, the Kuwait Investment Authority, West Yorkshire Pension Fund and Argentum.

Capstone will have the mandate as placement agent, having advised on the firm's two predecessor funds. Travers Smith will also provide legal advice again.

In 2019, Elysian acquired Mergon International and Aspirations Care Group, and listed Brand Addition on the stock exchange.

UK small-cap fundraising pipeline

A number of small-cap GPs are currently on the road or preparing fundraises, and many are expecting to close in 2020.

Dunedin registered its Buyout Fund IV in July 2018 and was thought to be targeting £300m. Cabot Square is also targeting £300m, with its Cabot Square Capital VI vehicle. In addition, Cairngorm Capital was reported to have begun fundraising in 2019 for its third-generation vehicle. Its predecessor fund closed on £107.5m in April 2017.

Small-cap GPs currently fundraising include August Equity. Its fifth-generation fund is expected to hold a close in early 2020. Its predecessor closed on £224m in April 2017. Ventiga Partners launched a Nordic- and UK-focused vehicle with a target of €275m in June 2019. Palatine Private Equity followed suit in August 2019, announcing its fourth-generation vehicle with a target of £300m.