Cairngorm closes second fund on £107.5m hard-cap

The total is more than double the £52.5m on which the GP closed its maiden fund in September 2015.

However, shortly before closing its second fund, Cairngorm's first vehicle also secured an increase of 40% in committed capital from its LPs, bringing its total amount of committed capital to £73.5m. The increased capital commitment in the maiden fund will enable the GP to provide acquisition funding to portfolio companies.

Acanthus Advisers acted as placement agent on the fundraising.

Investors
Cairngorm Capital II received commitments from international institutional investors including funds-of-funds and US university endowments. The fund also received increased commitments from all LPs that invested in Cairngorm's maiden vehicle.

Investments
Cairngorm's second fund will invest in UK-based mid-market companies with operating profits of £2-20m. It will pursue a buy-and-build strategy and focus on companies in the manufacturing, distribution and services industries.

Investments from the maiden vehicle include windows and doors manufacturer Stevenswood (at the time known as Polyframe), which was acquired in mid-2016 and has since made a number of bolt-ons. Most recently, the company received follow-on funding to support the bolt-on of competitor Truemans in March 2017.

People
Cairngorm Capital Partners – Andrew Steel (managing partner); Lee Hess (chairperson).

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