ECI wraps up fund 9 with 3x overall return

The GP reinvested in Avantia Group, a UK-based online consumer home insurance provider, via its ECI 11 fund. The transaction marked an exit for the ECI 9 fund, generating a gross multiple of more than 3x, according to Unquote Data.

The fund is now fully realised and has returned a 3x multiple and 36% IRR in 12 years. It made 15 investments, including two tech businesses now valued at more than GBP 1bn – Auction Technology Group and Wireless Logic. The former netted ECI a 3.7x multiple, while Wireless Logic was realised for a 6.1x multiple. Other standout exits included CarTrawler (6x) and Citation (5x). The portfolio also made 20 bolt-on acquisitions.

ECI held a first and final close of its ninth fund, ECI 9, on GBP 430m in December 2008, just three months after its launch.

The vehicle exceeded its GBP 400m target and was substantially larger than its predecessor, which closed on GBP 255m in April 2005. A total of 28 investors committed to the fund, with 90% of the capital raised from the firm's existing investor base at the time.

ECI 9 continued the firm’s strategy of targeting buyouts, buy-ins and development capital transactions with an enterprise value range of between GBP 10m and GBP 150m. Given the timing of the fundraise right before the GFC, it only started investing in 2010. According to Unquote Data, it reached full deployment in 2014.

The GP went on to raise two follow-up vehicles, starting with GBP 500m ECI 10 in 2014. The fund is now fully deployed, according to Unquote Data, with current portfolio companies including 4Ways Diagnostics, IT Lab and The Clear Group.

This was followed up by the firm's current fund, ECI 11, which closed on its GBP 700m hard-cap in 2018. According to Unquote Data, that fund was 55% deployed as of March this year.

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