WestBridge holds interim close for second fund

Paul Tilt
23 November 2018

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UK-based small-cap investor WestBridge Capital has held an interim close for WestBridge SME Fund II, Unquote understands.

The vehicle will invest in profitable SMEs in England and Wales with enterprise values between £10-20m.

The manager, which held a £50m first close in January this year, is aiming to raise £100m. It is understood a final close could be announced in Q1 2019. Public documents indicate the vehicle has raised approximately £87m to date.

WestBridge's first fund was launched in 2012 and is set to triple the money invested on a gross basis for investors, according to documents seen by Unquote.

Investors
The European Investment Fund, Kempen Private Markets Fund and South Yorkshire Pension Fund increased their commitments to the fund as part of the close, which also saw the admittance of new LPs, including £10m from the West Yorkshire Pension Fund.

Investments
The fund will aim to expand the GP's focus from the Thames Valley, the south-west of England, and Wales, where it has traditionally operated, to smaller businesses in the Midlands and the north.

WestBridge Capital's Fund II will invest in profitable SMEs with enterprise values of between £10-20m. The first SME fund included portfolio companies operating in the aerospace, electronics, business services, medical technology and enterprise software segments.

The first deal for the second fund, announced in September, was an investment in AJM Healthcare, a UK-based supplier of mobility equipment to the NHS. The management buyout also saw Kempen Private Markets Fund co-invest in the deal.

People
WestBridge Capital – Guy Davies (managing partner).