August Equity hits £100m first close

The vehicle's hard-cap is believed to have been set at £200m.

A number of institutions have re-upped to Fund III, including some that acquired interests in earlier secondary deals. These are believed to include Partners Group, JP Morgan, Akina and PPM Managers.

The firm's managing partner, Philip Rattle, led the fundraising.

August Equity's first fund is believed to have achieved a realised return of nearly 3x to date and its second fund has already completed two exits and paid back almost half the fund's committed capital.

According to unquote" data, August sold UK domiciliary care provider Enara to listed trade player Mitie for £111m last autumn, marking Fund II's first exit. The GP had backed the business in 2008 when it funded the £20m buyout, subsequently growing profits 15-fold and bolting on more than 50 businesses.

The new fund will invest £10-30m of equity in deals in the healthcare, pharma, technology services and education sectors. According to unquote" data, this is in line with the firm's previous fund, which raised £155m at its May 2008 close and charged a management fee of 2%.

August Equity declined to comment.

Amala is placing the fund.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Buyout
• August Equity LLP
• Top story