Notion Capital gears up for fifth flagship fund

The GP vehicle was registered in Luxembourg on 17 February.

Notion Capital IV was registered in May 2019 and had a GBP 125m target, according to Unquote Data. It held a first close in October 2019 on GBP 75m and had raised GBP 137m as of November 2020. The fund deploys equity tickets of EUR 1m-8m, investing beyond early-stage and seed rounds, according to Unquote Data.

LPs in Notion IV include British Patient Capital, British Business Investments and the Nuclear Liabilities Fund, as well as institutional investors including Danish pension fund Industriens Pensionsforsikring.

In addition to its flagship strategy, Notion Capital has previously raised funds to back the most successful companies in its portfolio. Notion Capital Opportunities II was registered in October 2018 with a USD 100m target, according to Unquote Data. Its predecessor vehicle held a first close in May 2017 on USD 80m.

London-headquartered Notion Capital focuses on European B2B software as a service and cloud companies operating in sectors including financial services. Its recent activity includes participating in the latest round for experience commerce platform Easol in December 2021. In the same month, the GP sold its stake in UK-based retail digital operations platform Brightpearl in a USD 360m trade sale to Sage, as reported.

Notion Capital had not responded to requests for comment at the time of publication.

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