Limerston closes debut fund above £200m target

The GP was founded in 2014 by former TDR Capital investment director Joao Rosa, former Nomura executive director Martim Avillez and former UBS Investment Bank managing director James Paget.

MVision acted as placement agent in the fundraising process, while Latham & Watkins provided legal advice.

Investors
The fund attracted commitments from LPs including pension funds, endowments and funds-of-funds across the US, Europe and Asia-Pacific regions.

According to publicly available documents, investors in the vehicle include the Ohio State University, the University of Chicago, Banque Cantonale De Geneve, BJC Pension Plan Trust, Commonfund Capital International Partners, Lupton Private Equity, Palladian Partners, Trustees of Union College and Alfred I duPont Testamentary Trust.

Investments
Limerston Capital Partners I will make majority investments in UK companies with EBITDA of £4-10m that can benefit from operational improvement. It will also invest in companies with EBITDA of £1-2m that operate in fragmented sectors offering consolidation opportunities.

The vehicle is sector-agnostic and has made two investments to date, acquiring domestic electricity and gas supplier Spark Energy in August 2016, and HR software and consultancy company AdviserPlus in November 2016.

People
Limerston Capital – Joao Rosa, James Paget, Martim Avillez (founding partners).

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