Primary Capital holds £225m final close for fourth fund

Primary IV was launched at the end of 2013; the GP held a first close for the vehicle in February this year on around £150m. According to Primary, the early first close was a result of a pipeline of rapidly moving transactions.

Asante Capital has acted as placement agent for Primary IV.

The vehicle's predecessor, Primary III, closed in April 2006 on its hard-cap of £200m.

Last year, Primary III reaped more than 5x its original investment on the sale of British turbochargers manufacturer Napier Turbochargers to US trade player Wabtec Corporation. Shortly after, the GP sold rail tour business Amber Travel to ECI Partners for £50m, making a 3.2x return.

Investors
Primary IV attracted commitments from pension funds, insurance companies, endowments, funds-of-funds and family offices from across the UK, Europe and America. More than half of LPs are existing backers, some of which made significantly higher commitments to the latest fund than to previous vehicles.

Investments
The new fund will target management buyouts and buy-ins, with average equity tickets ranging from £10-45m. It will focus on companies with enterprise values of £20-100m.

Primary IV will invest in companies across the consumer, leisure, business support services, IT, media, communications and industrial products and services sectors.

People
Neil Wallace is CEO of Primary.

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