NorthEdge hits £300m hard-cap

Alice Murray
04 March 2016

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North of England-focused GP NorthEdge Capital has closed its second fund on its ТЃ300m hard-cap after just four months on the road.

It is understood NorthEdge Capital Fund II was fully allocated at launch.

UBS acted as placement agent while Paul Hastings provided legal advice. Langham Hall will act as fund administrator while Vicky Mudford provided investor relations advisory services to the GP.

The vehicle follows on from NorthEdge's debut fund, which closed in March 2013 on £225m. This maiden fund has so far invested £180m over the last three years in 13 businesses based in the north of England.

Investors
Commitments were secured from existing backers and four new institutional investors. In total, 18 investors committed to the fund, including asset managers, foundations, funds-of-funds, insurance companies, private and public pension funds, and sovereign wealth funds.

Geographically, 57% of the fund's investors hailed from Europe, 37% from the US and 6% from Australia.

Investments
NorthEdge's second fund will continue to target businesses in the north of England, across a range of industries. It will focus on lower-mid-market investments, seeking businesses with enterprise values of between £10-100m with a £20-75m sweet spot. Typical tickets will range from £5-35m.

People
NorthEdge Capital – Grant Berry (managing partner).