Sovereign V eyes £450-500m fundraise in 2021

The fund was registered in April 2019. At the time, the firm was expecting to officially launch the fund in the autumn of 2019 with a target of £500-600m.

In May 2020, a source close to the situation told Unquote the firm had delayed its fundraising.

Texas County & District Retirement System is said to be invested in the fund.

The GP's previous fund, Sovereign Capital IV, closed on its £395m hard-cap in August 2014. LPs in the fund include Maine Public Employees Retirement System, Texas County and District Retirement System, and Stichting Shell Pensioenfonds, each with commitments of £25m or more.

Sovereign IV was 59% deployed as of December 2019. Assets in the fund include insurance broker Arachas Corporate Brokers and patent and trademark attorneys group Murgitroyd.

Sovereign recently announced changes to its leadership team, with founder and managing partner Andrew Hayden moving to the role of chairman, and Dominic Dalli becoming the firm's new managing partner.

The firm recently appointed Charles Rossetti as an investment director; he will focus on the business services sector and origination.

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