Panoramic delays fundraising to H1 2021

Managing partner Stephen Campbell told Unquote that the firm initially intended to launch the fund at the end of 2020 but now wants to focus on deploying the predecessor fund.

The third fund is expected to target around £80m.

Panoramic Growth Fund 2, which closed on £65m in May 2016, is around 60% deployed currently, Campbell said. LPs in the fund include British Business Investments, Derbyshire County Council Pension Fund, East Rising Pension Fund and the Strathclyde Pension Fund. The firm did not use a placement agent for the vehicle.

The firm invests in both growth equity and replacement capital, such as buyouts and succession agreements.

Campbell said: "In the SME space that we operate in, replacement capital multiples had remained sane through the last two years; however, growth capital metrics had got divorced from reality. The new proposals we are seeing are beginning to move back towards where returns for risk taken make more sense."

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