Elysian III eyes first close in June

Katharine Hidalgo
29 April 2020

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Elysian Capital's third-generation vehicle is expected to hold a first close in June 2020, Unquote understands.

The fund was expected to launch in Q1 2020 with a target of around £300m, as the firm wanted to continue investing in its niche and did not want to move into a larger deal bracket size. Elysian typically invests in lower-mid-market companies with enterprise values of £10-100m.

The investment period for the fund's predecessor, Elysian Capital II, ends in June of this year. A source close to the situation confirmed that Elysian planned to hold a close by that time to ensure the firm could continue investing.

The second-generation fund closed on £250m in July 2015 and was 72% deployed as of December 2019. LPs in Elysian II include Hamilton Lane, Morgan Stanley, West Yorkshire Pension Fund and Argentum.

The firm's debut fund is currently in its realisation phase, having made six exits to date. The most recent are the sale of Wellbeing Software Group to trade buyer The Citadel Group for a return of 4.5x money and the flotation of Pebble Group in December 2019, which returned 3.2x money to Elysian investors.

For Elysian Fund III, Unquote understands Capstone will have the mandate as placement agent, having advised on the firm's two predecessor funds. When contacted, Elysian declined to comment.