AnaCap's Aldermore raises £40m ahead of IPO

Amy King
20 January 2014

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Aldermore Bank, backed by AnaCap, Honeywell Capital Management and Ohio Public Employees Retirement System, has raised a further ТЃ40m from two hedge funds.

Toscafund and Lansdowne Partners made the capital injection to fuel the company's growth in retail and small business lending. The deal was also designed to establish a wider network of UK institutional investors for Aldermore ahead of a potential IPO.

AnaCap remains the lead investor in the company. Credit Suisse acted as the placement agent connected to the capital raise, with legal counsel provided by Norton Rose Fullbright.

In 2009, Morgan Stanley Alternative Investment Partners (Morgan Stanley AIP) invested £45m in Aldermore Bank (then Ruffler Bank), alongside AnaCap, according to unquote" data. The investment followed AnaCap's acquisition of London-based Ruffler Bank in May.

AnaCap had been looking for opportunities in the banking sector and was introduced to the UK deposit-taking bank by the company's financial advisers, while the firm's founder Roy Ruffler wished to retire from the business.

In September 2011, Goldman Sachs, Honeywell Capital Management and Ohio Public Employees Retirement System took part in a £62m second round of funding for the firm.