CBPE holds £459m final close

Kenny Wastell
30 August 2016

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UK mid-market investor CBPE Capital has held a final close for its ninth fund, CBPE Capital Fund IX, on its ТЃ459m hard-cap.

The figure is 13% higher than that raised for its eight vehicle, which held a final close on £405m in January 2010.

The GP said in a statement that, since the launch of its first fund in 2000, it had realised 30 investments, generating aggregate returns of 2.8x.

Quest Fund Placement acted as placement agent in the latest fundraising.

Investors
The latest vehicle received commitments from 20 investors, primarily comprising of existing LPs. The GP said it had, however, received commitments from a "select number" of new international backers.

CBPE told unquote" it received 75% of commitments from European investors, with the remaining 25% coming from elsewhere, predominantly the US. The firm itself has commited £9m to the vehicle.

According to records filed with Companies House, commitments were received from a mixture of funds-of-funds, pension funds, insurance companies and university endowments. These include the European Investment Fund, AlpInvest Partners, Pantheon, Wave Private Equity, The Royal London Mutual Insurance Company and Cambridge University Endowment Fund.

Investments
As with its predecessors, CBPE Capital Fund IX will target UK companies with enterprise values of £25-150m. It will have a generalist remit and will make both growth-capital and primary-buyout investments.

The vehicle will look to make around 14 investments with an average ticket size of €30-35m.

The fund has already made its maiden investment, acquiring a majority stake in UK caravan holiday homes manufacturer ABI from LGV Capital in May 2016. Other previous investments by CBPE include casual dining company Côte Restaurants, energy efficiency business Anesco and employee benefits consultancy Xafinity. The GP has a track record of investing in the leisure, healthcare, pharmaceuticals, industrials and industrial services sectors.

For more details on the latest CBPE fund, visit unquote" data.

People
CBPE Capital – Sean Dinnen (managing partner).