Montagu gears up for seventh fund

Harriet Matthews
18 August 2022

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London-headquartered European mid-market sponsor Montagu has made a legal filing for its seventh fund.

The Luxembourg filing was made earlier in August 2022.

Montagu declined to comment.

The GP held a final close for its predecessor vehicle, Montagu VI, in 2020 on EUR 3.3bn, surpassing its EUR 3bn target. The fund was registered in February 2019, according to Unquote Data.

The GP has steadily grown the size of its funds over the years; it raised EUR 2.75bn for its 2015-vintage Montagu V vehicle, versus EUR 2.5bn for its 2010-vintage Montagu IV.

Montagu VI was 36% deployed as of December 2021, according to Unquote Data. It had a TVPI of 1.04x as of the same date.

The LP base of Montagu VI comprises asset managers and funds-of-funds such as Ardian, AlpInvest Partners, and HarbourVest Partners, as well as sovereign wealth funds, insurance companies, banks, corporates, and pension funds, according to Unquote Data.

The Florida State Board of Administration committed USD 85m to the fund, while the Public Employees Retirement Association of New Mexico (PERA) made a USD 75m commitment.

According to its website, 41% of Montagu's overall LPs are from Europe, with 27% from North America, 22% from Asia, and 10% from the Middle East.

Montagu's recent investments include its acquisition of UK-based maritime data and analytics firm Maritime Intelligence from Informa. The deal valued the company at GBP 385m, according to a statement from the vendor.

Montagu was founded in 1968 and was formerly part of Midland Bank. The GP specialises in mid-market primary buyouts and carve-outs, focusing on healthcare and technology-enabled businesses. According to its website, the GP has a team of more than 130 people across its five offices and has EUR 10bn in AUM.