Mayfair gears up for third flagship fund

Wahida Ahmed
08 September 2022

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UK-based sponsor Mayfair Equity has made a Companies House filing for its third fund, Mayfair Equity Partners III.

The filing for the vehicle was made in August 2022.

Mayfair declined to comment on fundraising.

Mayfair held a final close for its predecessor Fund II on its GBP 650m hard cap in 2019. The fund invests predominantly in UK-based businesses, with some exposure to European and US companies across the media, technology and telecommunication sectors. The fund deploys equity cheques in the range of GBP 20m-GBP 50m and co-invests alongside Mayfair Equity Partners II Sidecar, according to Unquote Data.

According to Unquote Data, assets in Fund II's portfolio include Snowfox Group (which contains brands including Yo! Sushi), a multi-channel Japanese food company; and UK-based Tangle Teezer, a hair care and accessories company.

Fund II amassed commitments from LPs based in the UK, Europe and the US. Investors in the fund include Netherlands-based asset manager APG Group, Norway-based funds-of-funds manager Argentum Fondsinvesteringer, and Switzerland-based Capital Dynamics, according to Unquote Data.

The new fund filing follows the GP's acquisition of technology advisory firm Access Partnership in an MBO from Mobeus that saw the vendor reap 4.4x money and 64% IRR.

In addition to new deals, several assets in Mayfair's portfolio are currently exit candidates. Unquote sister publication Mergermarket reported in July 2022 that discussions are in place for Snowfox Group, with Jeffries leading the discussions. According to the report, if a sale does not conclude this side of Christmas, Mayfair might look to relaunch an IPO process in 2023. The GP was looking at a GBP 750m-850m valuation when it initially started preparing for a potential IPO, the report added.

Another asset tipped for an exit is Ireland-based Promise Gluten Free (PGF), which the GP first backed in 2017. The business might be up for sale in 2023, according to a Mergermarket report in July 2022. Although no advisers have been mandated, the sale is likely to attract to a mix of strategic buyers and private equity firms, the report noted.