Livingbridge closes Enterprise 3 on £334m

The fund was registered in December 2018, and is expected to begin deploying capital imminently.

Its predecessor fund, Livingbridge Enterprise 2, held a final close in 2015 on £220m and targets UK-based SMEs with equity cheques of up to £10m. The fund is now 80% deployed across 14 investments.

The firm is also currently investing from its flagship Livingbridge 6 fund, which closed of £600m in 2016 and is almost 60% deployed across 12 companies.

Kirkland & Ellis advised on fund structuring for Enterprise 3.

Investors
More than two thirds (70%) of the fund's LPs have previously invested in a Livingbridge fund. LPs include corporate and public pension funds, endowments, funds-of-funds and family offices.

The Florida State Board of Administration committed £25m and the Tennessee Consolidated Retirement System has made a commitment of £40m, according to Unquote Data. Other LPs include Argentum, Altamar Capital Partners, BP Pension Fund and Partners Group.

Investments
The fund will invest in SMEs primarily based in the UK, with enterprise values of up to £50m. The firm invests in the technology, media and telecommunications, business support services, consumer goods, healthcare and education sectors.

People
Livingbridge – Wol Kolade (managing partner); Fiona Dane (partner).

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