Carve-outs specialist Inspirit gears up for second fund

The GP registered Inspirit II with the UK Companies House Registry in June 2023. Its predecessor vehicle, Inspirit Fund I, was registered in November 2019 and held a final close on its GBP 50m hard-cap in December 2019. The fund was 70% deployed as of March 2023, partner Albert Farrant told Unquote at the time. 

Inspirit's debut fund deploys equity cheques of GBP 2m-GBP 10m, investing in UK SMEs with revenues greater than GBP 20m and enterprise values of up to GBP 50m, including acquisition finance.

For its next fundraise, the GP could raise GBP 50m-GBP 100m but hopes to reach a GBP 75m close, as previously reported. It is expected to deploy equity tickets of GBP 3m-GBP 12m, slightly bigger than that of its predecessor, and will aim to make eight to 10 deals over three to four years, largely targeting majority stakes, as reported.

Most recently, the firm bought in a GBP 21m carve-out the resourcing businesses of Capita, a listed, UK-based provider of business process outsourcing services.

Inspirit Capital declined to comment.

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