Core Capital closes second fund on £85m

The fund is the successor to the GP's first private equity fund, and will take over a portfolio of six investments from the firm's VCTs and its Core Capital I institutional vehicle. Investors in Core Capital I have reinvested in the latest fund.

Due to the acquisition of portfolio companies from previous funds, Core's new vehicle will have £40m left for new investments.

Core Capital II was oversubscribed; Amala Partners acted as placement agent. The advisory firm also executed the transfer of Core's existing portfolio companies into the new vehicle.

King & Wood Mallesons's Jonathan Pittal and Warren Allan acted as legal advisers to Core Capital.

Investors
Commitments to Core Capital II came from new and existing investors. The list of LPs includes Adams Street Partners, SL Capital Partners, Access Capital Partners, Idinvest Partners, StepStone and Arcano Capital.

Investments
Core Capital II will follow a similar strategy to its predecessor, taking a generalist sector approach to investments in growth companies.

The fund's current portfolio consists of six companies carried over from its predecessor, including Brasserie Blanc operator Brasserie Bar Co.

People
Stephen Edwards and Walid Fakhry are managing partners of Core Capital.

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