GCP closes fourth fund on £205m

The total raised for Growth Capital Partners Fund IV (GCP IV) is 28% higher than the £160m raised for Fund III, which held a final close in May 2011.

Over the course of the last 12 months, GCP has made three new hires and promoted Alex Thomson to investment director.

Atlantic-Pacific Capital acted as placement agent for the fund while Macfarlanes acted as legal adviser.

Investors
LPs in the fund hail from the UK, mainland Europe and the US, with 80% of GCP's existing investors making commitments to the new vehicle along with six new backers. The British Business Bank made a £40m commitment to the fund with other investors including public pension funds, insurance companies and investment management groups.

According to unquote" data, GCP IV also received commitments from the European Investment Fund, Euro Invest, West Yorkshire Pension Fund, Access Capital Partners and Golding Capital Partners. For a detailed breakdown of GCP IV, visit the dedicated page on unquote" data.

Investments
GCP makes hybrid debt and equity investments of £5-30m across a variety of sectors. The GP targets both buyout and expansion deals for UK-based lower-mid-market companies.

The firm has already made four deals with capital drawn from the new vehicle, most recently investing in London-based recycling company First Mile and Glasgow-based outdoor equipment retailer AMG.

The firm has also made two exits from predecessor funds in 2017, including the sale of its stake in packaging company Excelsior Technologies to listed trade buyer Mondi in a deal valued at £33m, and the £38m sale of pharmaceutical media agency Fishawack to LDC.

People
Growth Capital Partners – Garrett Curran (managing partner).

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• Growth Capital Partners (aka Close Growth Capital)