NVM holds £142m final close

Kenny Wastell
28 November 2018

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NVM has held a final close for its maiden institutionally backed vehicle, NVM Private Equity Vintage III, on ТЃ142m.

The figure is slightly below the vehicle's reported target of £150m and comes 18 months after the fund was announced.

NVM is among a number of traditional VCT managers in the UK to have expanded into closed-ended buyout funds in the past two years, following increasing restrictions on investment parameters for VCTs. YFM Equity Partners held a final close for its maiden closed-ended buyout fund, YFM Equity Partners 2016, on £45m in May 2017 and Mobeus Equity Partners held a final close for its maiden institutional fund, Mobeus Equity Partners IV, on £166m in mid-2017.

Alongside NVM's VCT funds, the newly closed vehicle brings the firm's total funds under management to £440m.

FirstPoint Equity acted as placement agent on the fundraise, while MacFarlanes provided legal advice.

Investors
NVM Private Equity Vintage III attracted commitments from institutional investors across Europe and North America. According to Unquote Data, its LPs include British Business Investments, Citrine Capital, Colorado Fire and Police Retirement Association, George Kaiser Family Foundation, Glenmede, Travelers Casualty and Surety Company, and Qualitas Equity Partners.

Investments
The vehicle writes equity cheques of £5-15m and invests in management buyouts of UK regional businesses. It has made two buyout investments to date: committing £9m for a majority stake in emergency and backup energy systems provider Dale Power Solutions and £8.2m in the management buyout of serviced office space broker Flexioffices.

People
NVM Private Equity – Martin Green (managing partner); Mauro Biagioni (chief operating officer).