Mayfair holds £650m final close for second fund

The amount raised is £50m above the vehicle's target and a more than 150% increase on the total amount committed to its predecessor, which is now fully deployed, according to a statement.

Mayfair was simultaneously raising capital for a co-investment vehicle, Mayfair Equity Partners II Sidecar, which has a £200m target.

The GP announced that it is looking to recruit three new members to its team in the coming months.

Macfarlanes provided legal advice to Mayfair on the fundraising and the GP did not use a placement agent.

Investors
The fund was oversubscribed, according to a statement, with a mixture of new and existing LPs. Mayfair said a number of new LPs were introduced to the firm by its existing investor base, with a total of 20 institutions making commitments.

Approximately 85% of capital committed is from pension funds and pension advisers, with 10% coming from family offices and foundations. The remaining 5% came from funds-of-funds. Geographically, 40% of commitments came from US investors, 30% from continental Europe and 25% from the UK.

According to Unquote Data, LPs in the vehicle include APG Group, Argentum Fondsinvesteringer, Capital Dynamics, Colorado Fire and Police Retirement Association, European Investment Fund, Hermes GPE, Pathway Capital Management, Pensionskasse Stadt Zurich, The Public School and Education Employee Retirement Systems of Missouri and Universities Superannuation Scheme.

Investments
As with its predecessor, Fund II will invest in businesses in the consumer and technology, media and telecommunications sectors. The firm makes buyouts and expansion deals and targets both organic and acquisitive growth strategies.

Mayfair's maiden fund typically wrote equity cheques in the £20-50m range.

People
Mayfair Equity Partners – Daniel Sasaki (managing partner).

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