True Capital closes buyout fund

The total amount raised for True Capital's 2015 buyout fund has not been disclosed. CEO Matt Truman stated this was due to the vehicle's flexibility in terms of ratchets.

The fund was raised in one month without any marketing or a dedicated investor relations function. Truman told unquote" the fundraise was led by the firm's existing investors, who had previously been working with True Capital on a deal-by-deal basis. The firm was established in 2013 and has so far made six investments.

Investments
The newly raised vehicle will invest up to £40m in UK-headquartered consumer businesses in deals worth up to £75m. However, the fund's sweet spot will be tickets of between £20-25m.

The fund has already made an investment: the purchase of Cyclesport North, the owner of the Ribble Cycles brand, from the Dove Family.

Previous investments made by True Capital outside of its new fund include LoveCrafts, Occa-Home, Magnitone and Tyres on the Drive.

Investors
Fund-of-funds Adveq led the investment into True Capital's buyout fund and was joined by endowment funds in the US and retail-sector family offices.

People
Matt Truman is the CEO and co-founder of True Capital and Paul Cocker is also co-founder.

The closing of True Capital's first fund came as the GP made two high-profile appointments: former Kingfisher CEO Sir Ian Cheshire and Terry Duddy, the former CEO of Home Retail Group, have joined the firm's advisory board.

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• Topics
• Buyout
• UK / Ireland
• Consumer
• United Kingdom