Phoenix closes 2016 fund on £415m

Phoenix communicated the fund close to its investors on 21 July, according to a source close to the situation.

Phoenix declined to comment.

The GP reached a first close on £250m in early 2016 as it moved towards its £500m target. At the time, unquote" understood that the fund was formally launched in late 2015.

Credit Suisse Private Fund Group acted as placement agent on the fundraise, with Goodwin Procter providing legal advice.

The new vehicle follows from its predecessor, Phoenix Equity Partners 2010, which closed in June 2010 on £450m, surpassing its £375m target.

Phoenix is understood to have returned approximately £400m to investors over the past 12 months. The GP generated a 4.3x money multiple on the £163m sale of Palletways to Imperial and divested technical inspection business Edif to Vei Capital-backed Rina for £118.5m. Key Retirement Group was the most recent exit, returning 4.5x cost and marking the sixth exit from the 2010 fund.

unquote" profiled the investor in July last year, as fundraising for its latest effort was under way.

Investors
The 2016 fund’s LP base covers public and corporate pension funds, sovereign wealth funds, insurance companies, family offices, funds-of-funds and asset managers. Investors hail from North America, Europe and the Middle East.

Around three quarters of commitments came from investors in previous Phoenix funds, unquote" understands.

Investments
The new fund will continue Phoenix's investment strategy of targeting small and medium-sized UK companies with enterprise values of between £30-150m.

The 2016 fund has already made three investments to date: Travel Chapter, Rayner Surgical and GFS.

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• Topics
• Funds
• Buyout
• UK / Ireland
• Phoenix Equity Partners
• United Kingdom