Oakfield holds first close on £33m

The GP held a first close at the start of December and is targeting a final close on £50m within six months.

This is a significant increase on the £8.2m raised for its predecessor, Oakfield II UK Special Situations Fund, which only took commitments from private individuals and held a final close in April 2014.

The strategy will remain unchanged, other than targeting slightly larger ticket sizes of £5-7m.

The fund has a five-year life with two optional one-year extensions and a two-year investment period.

O'Melveny & Myers is acting as legal adviser to the vehicle and Acanthus is acting as placement agent for the raise.

Investors
The vehicle has been backed by a large fund-of-funds from continental Europe, as well as several family offices and high-net-worth individuals. The GP also made a 6% contribution to the fund.

Investments
Oakfield will target UK-based small-cap businesses and invest £5-7m equity tickets. It will target industrial companies and technology-enabled support services. Previous investments in that space include Ingreso, a digital ticketing service that the GP divested from its second fund in March 2017 for a 4.5x multiple.

Oakfield will also make follow-on investments in some portfolio companies previously backed by the second fund.

People
Oakfield Capital Partners – Roy Merrit, Michael Patton, David Pitman, Alex Bezugly (partners).

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