Darwin holds third close of maiden fund

New UK lower mid-market firm, Darwin Private Equity, set up by CVC and Permira executives, has held a third close of its inaugural fund, Darwin Private Equity I LP, on £207m. The fundraising process began in May 2007 with a target of £250m. The fund is expected to hold a final close at the end of Q2 this year.

In March last year Darwin attracted a cornerstone commitment from RIT Capital Partners plc. In addition to RIT, investors in the fund include Goldman Sachs, Ilmarinen, LGT Capital Partners, Oxford Investment Partners and Pantheon Ventures. Darwin Private Equity I will invest in UK-based companies with enterprise values of £10-100m. In December 2007, it completed its first investment with the acquisition of Maximuscle, a sports nutrition company.

In connection with the announcement of the third close, Darwin has enhanced its investment team. David Coombs joins the firm from Morgan Stanley, where he was an associate in the investment banking division. Paul Burton is also due to join the team in May 2008 as an investment manager. He has been recruited from PPM Capital where he also was an investment manager, focusing on mid-market buyouts. The firm has also announced that Harjinder Hatfield will retain her current role as head of fundraising for Darwin's subsequent funds as well as becoming part of the investor relations team.

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