Cabot Square hits £275m first close

Alice Murray
17 June 2015

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Financial services-focused Cabot Square Capital has held a first close of ТЃ275m for its fifth private equity fund, which has a hard-cap of ТЃ350m.

According to the GP, the vehicle has already secured additional commitments to take the fund to its target of £300m. Cabot launched the fund in January this year and has not used a placement agent.

The GP has recently secured a string of exits, including the sale of Equitix to a subsidiary of Tetragon Financial Capital, which generated a 12x return; the divestment of MedicX to Octopus Investments for a multiple of 18x; and the sale of Key Retirement Solutions to Phoenix Equity Partners, which generated a 5x return.

Cabot has also announced three promotions; investment directors Tarun Sharma, Richard McDougall and general counsel Lawrence Small have all been named partners.

Sharma moved to the GP in 2008 from HSBC, where he spent seven years in the securitisation team. He previously worked in Blackstone's Tactical Opportunities Fund.

McDougall, meanwhile, joined Cabot in April 2006. He was previously at Deloitte, following the firm's acquisition of Burlington Consultants.

Small was recruited by Cabot in September 2004 from the London office of Clifford Chance.

Investors
The fund received commitments from new and existing investors. According to Cabot, the GP's investor base comprises endowments, charitable foundations, fund-of-funds and pension funds split across Europe and the US.

Investments
Cabot Square focuses on financial services businesses and operating property assets.

People
John Van Deventer is managing partner of Cabot Square.