August Equity announces changes in leadership

Ero Partsakoulaki
06 March 2023

Tweet
Facebook
LinkedIn
Google plus
Send to

August Equity has appointed Philip Rattle as chairman with David Lonsdale to succeed him as the UK-based small cap GP's new managing partner.

After nearly 15 years as a managing partner, Rattle will now focus on investment and portfolio related matters, according to an announcement by the firm. He will be leading the investment strategy of the funds under management, chairing the investment committee and leading fundraising and investor relations. After working at 3i and becoming a partner at JPMorgan Partners, he joined August Equity in 2004.

David Lonsdale, August Equity

Lonsdale joined the firm in 2008 from BSkyB, where he worked in M&A following four years with KPMG's private equity group in London. He became partner in 2014 and, as managing partner, will now be responsible of leading new investments, while being on the board of several companies, including Anderson Anderson & Brown (AAB), the UK-based provider of investment banking and accountancy services, Amtivo, the UK-based audit and consulting firm, and Family First, the London-based chain of preschools.

The changes in leadership, which are subject to regulatory approval and will take effect upon FCA consent, were being prepared over the last year, with the goal of being finalised ahead of closing August's new fund AEP VI later this year, according to the announcement.

With a target of GBP 400m, the vehicle will follow the GP's existing strategy, targeting small UK businesses generating GBP 1m-5m EBITDA with specialisms in healthcare, education, business services and technology, according to Unquote Data.

The upcoming vehicle will be one third larger than its existing fifth fund, which held a final close on GBP 300m in 2020. It had deployed around 60% of its dry powder as of July 2022, Unquote reported.