Epiris holds £821m final close

A source familiar with the situation told Unquote the fund had a target of £800m, despite earlier reports that Epiris was looking to raise up to £1bn.

The vehicle was launched in March 2017 and had reportedly reached around £500m by May 2017.

Unquote understands that the fund has a 12-year lifespan and an industry-standard fee structure. It is also understood the fund offers co-investment opportunities for LPs.

Campbell Lutyens acted as financial adviser and placement agent on the fundraise.

Epiris was formerly the investment portfolio manager of Electra Private Equity. Its contract was terminated in May 2017 following a strategic review by the LP following a strategic review set in motion by the LP's activist investor Edward Bramson in January 2016.

In the final eight months of its contract, Epiris returned £1.5bn to Electra.

Investors
Public and private pension funds account for the largest share (34%) of Electra II's LP base, with endowments and foundations accounting for 30%, asset managers 22% and private investors 14%. Geographically, North American LPs accounted for 46% of commitments, with British investors accounting for 32% and European investors 18%.

According to Unquote Data, LPs in the fund include Derbyshire County Council Pension Fund, District of Columbia Retirement Board, East Riding Pension Fund and South Yorkshire Pensions Authority.

Investments
Epiris II invests £40-150m in UK-headquartered companies with enterprise values of up to £500m. It has made four acquisitions to date: auction house Bonhams, country club operator The Club Company, the UK publishing division of Time Inc, and substrate manufacturer Portals De La Rue. It is understood the vehicle will target complex transactions and sectors where there are consolidation opportunities.

People
Epiris – Alex Fortescue (managing partner).

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