Palatine closes impact fund on £100m hard-cap

The vehicle, which had a target of £75m, held a first close on £50m in December 2016, around 10 weeks after its formal launch.

It is the first impact investment fund the GP has raised and will be led by Beth Houghton, a partner who heads up environmental, social and governance policy for Palatine. She will be assisted by Zoe Clements, who joined Palatine as partner from Electra in November last year.

In addition, Palatine has recruited former LDC adviser Tim Farazmand to chair the new fund. In addition to his 12-year tenure at LDC, Farazmand was BVCA chair from 2014-2015. He also took a seat on the advisory board of alternative debt provider Beechbrook Capital in 2016 and currently chairs the BVCA Impact Investment Committee.

Evercore acted as sole placement agent for the fundraise, while Shriver & Jacobson acted as legal adviser.

Investors
The vehicle raised commitments from new and existing investors, including public pension plans, endowments, consultants, funds-of-funds and high-net-worth individuals. According to unquote" data, LPs include Adams Street Partners, Barts Charity, Church Commissioners, East Riding Pension Fund, Greater Manchester Pension Fund and West Yorkshire Pension Fund.

Investments
The fund will target businesses requiring equity tickets of less than £10m, with a focus on delivering positive social impact. It will invest across themes including integrated health, ethical consumerism, lifestyle and wellbeing and the circular economy.

In August the vehicle made its maiden investment by backing UK-based electrical training provider Trade Skills 4U.

People
Palatine Private Equity – Beth Houghton, Zoe Clements (partners).

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