CBPE X nears final close towards £525m target

Katharine Hidalgo
30 June 2020

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CBPE is nearing the finish line for its 10th-generation fund, which has a target of ТЃ525m, Unquote understands.

CBPE has already had a close at £465m and a final close above the £525m target is anticipated in the next couple of months, according to a source close to the situation.

Unquote understands Rede Partners is acting as placement agent.

CBPE IX closed with 20 LPs and it is understood CBPE X will have a similar number of investors. The predecessor fund's largest commitment was LGT with £82m and Unquote understands the investor has committed a similar ticket to this fund. Perennial investors in CBPE funds include Pantheon Ventures, according to Unquote Data.

The fund's predecessor has now made all its platform investments, a total of 11. The firm closed its ninth-generation fund on £459m in August 2016 and has realised two assets to date. CBPE IX sold caravan manufacturer ABI Holiday Homes to a consortium of its management team and Pricoa Private Capital for a 3x return in February 2020. Eye healthcare services provider SpaMedica was sold to Nordic Capital-backed Ober Scharrer with a 6.6x return, according to a source close to the situation at the time of the sale.

CBPE X is likely to target UK-based companies with enterprise values of £25-150m, providing an average ticket size of £30-35m, as its predecessors have done.

The firm's fund targets have grown gradually since its first buyout fund: CBPE VI closed on £202m, while CBPE VII closed on £360m and CBPE VIII closed on £405m.

Both CBPE and Rede Partners declined to comment when contacted by Unquote.