Apiary holds £200m final close on debut vehicle

The fund exceeded its initial target of £150m and will seek investment opportunities in business services, healthcare and education.

Following a rapid fundraise, the vehicle was fully allocated within six months of its launch. Rede Partners acted as placement agent and Proskauer provided legal advice in the fundraising process.

London-based Apiary was formed in 2017 by Mark Salter, previously a senior partner at Bowmark Capital where he spent 16 years investing in UK lower-mid-market businesses. He is joined by partner Nicki Boyd, formerly of Inflexion Private Equity, and partner and COO Nikola Sutherland, previously of Bowmark Capital. Origination is led by Rob Simpson, who previously held roles at Sovereign Capital and August Equity.

Investors
The fund has been backed by a range of blue chip, institutional investors comprising endowments, foundations, pension funds, insurance companies and funds-of-funds from across the US, the UK and continental Europe.

According to Unquote Data, primary LPs in the vehicle include BMO Global Asset Management, Bregal Investments, Horsley Bridge International, Nord Holding Unternehmensbeteiligungsgesellschaft, Sequoia Asset Management, the Ludwig Institute for Cancer Research and the Royal London Mutual Insurance Society.

Investments
Apiary is seeking to deploy capital in companies in the business services, education and healthcare sectors in the UK's lower-mid-market. It will invest in platform companies in order to subsequently drive growth through a combination of roll-ups, roll-outs and strategic mergers.

People
Apiary Capital – Mark Salter (managing partner).

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