Synova smashes £110m fundraise

The fund, Synova II, was significantly oversubscribed and received commitments from both existing and new limited partners.

The fund close follows the firm's first exit in April this year with the sale of healthcare support services provider DBG to Carlyle and Palamon Capital Partners. The sale delivered an impressive 5.8x return for Synova.

The rapid fundraising process is in sharp contrast to Synova's debut fund, which due to the continued financial turmoil suffered throughout Europe took just less than three years to raise. The fund was announced in September 2007 and reached a final close in May 2010 according to unquote" data.

Investors
Synova II received commitments from existing and new limited partners. The investor base is made up of investors from the UK, Europe and the US. Commitments were received from endowments, funds-of-funds, family offices, pension funds and insurance companies.

Investments
Synova's second fund will continue to deploy the investment strategy of the firm's maiden vehicle, investing in smaller UK growth companies with enterprise values between £5-30m.

The firm targets companies in the business services, software, IT , consumer, leisure, healthcare and education sectors.

People
Philip Shapiro and David Menton are managing partners at Synova.

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• Topics
• UK / Ireland
• Buyout
• Synova Capital
• United Kingdom