Lyceum exceeds target with £255m fund close

Lyceum Capital has announced the final close of its new fund, Lyceum Capital Fund II (LCF II), on £255m, substantially exceeding its £200m target. London-based LCF II is the first vehicle raised by Lyceum as an independent player since its spinout from WestLB in May 2006. Lyceum's previous £203m fund is now fully invested.

Lyceum embarked on the fundraising process in late February 2007 and held a first close on £175m three months later, ahead of completing fundraising in November last year. "When we started fundraising there was a feeling that the large buyout boom was not going to end and that LPs would permanently be looking for larger funds," commented Lyceum's chief executive Philip Buscombe. "However, the events of the summer meant that not long after our first close we received a lot of enquiries from LPs moving back into the mid-market." The new fund attracted investment from 22 institutions and family offices in the UK, US and continental Europe, including AXA Private Equity, GIMV, AP2, AlpInvest, F&C Group and EIF. Six of the investors have re-upped from Lyceum's previous fund and the balance are new investors. LCF II will target UK-based businesses with an enterprise value of £20-75m. (Page 05).

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