SEP holds £260m final close

Kenny Wastell
08 November 2016

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Scottish Equity Partners (SEP) has held a final close for its fifth fund SEP V on ТЃ260m.

The vehicle surpassed the total raised by its predecessor, which held a final close on £200m in January 2012.

The firm said it started raising the fund "a few months ago", adding the vehicle was oversubscribed and closed above target "despite the challenging economic and political backdrop".

The GP did not use a placement agent for SEP V.

Investors
Existing LPs account for 90% of commitments to SEP V, with 40% hailing from the UK and the remaining 60% from Europe and the US.

The GP told unquote" the majority of its investors are pension funds, asset management companies and family offices. According to publicly available records, investors include South Yorkshire Pension Fund, Glenlivet Capital and West Midlands Pension Fund.

Investments
As with previous SEP funds, the latest vehicle will make investments of up to £20m, primarily focusing on technology companies across the UK and Ireland. However, the firm will also consider investments in other European countries.

Previous investments by the firm include online flight booking platform Skyscanner, luxury clothing and accessories business MatchesFashion and online car financing broker Zuto.

People
Scottish Equity Partners – Calum Paterson (managing partner).