Darwin closes maiden fund at £217m

01 October 2008

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Fund

Darwin Private Equity has closed its maiden fund Darwin Private Equity I LP at £217m. The fundraising process began in May 2007 with a target of £250m. The fund had held a third closing in April 2008 at £207m. It has a lifespan of 10 years with the option of two one-year extensions. The Darwin GP has made a commitment to the fund and further details on the terms and conditions of the fund have not been disclosed. Harjinder Hatfield, part of the Darwin team, led the fundraising for Darwin Private Equity I. Macfarlanes provided Darwin Private Equity I with legal advice.

Investors

RIT Capital Partners was the cornerstone investor. Other investors were fund-of-funds, family offices, pension funds and financial institutions such as AIG Investments, Goldman Sachs, LGT Capital Partners, OXIP and Pantheon Ventures. Half of all investors are based in the UK, the other half are from the US and continental Europe.

Investments

Darwin Private Equity will aim for majority stakes with investments of between £5-35m of equity per transaction. The fund will invest in UK-based companies with enterprise values of £10-100m and make two or three investments per year. The investments will be made flexibly across Darwin's main sectors; consumer, industrial, services and media & technology, depending on opportunity. The fund describes its pipeline as reasonable with some promising opportunities. The fund has made its first investment in December 2007 by acquiring sports nutrition company Maximuscle for £75m.

People

Darwin Private Equity is led by Jonathan Kaye, Derek Elliott and Kevin Smith.

Name: Darwin Private Equity I

Target: £250m

Closed on: £217m

Focus: UK buyouts

Address: Darwin Private Equity

15 Bedford Street

London WC2E 9HE

Tel: 020 7420 0750

Fax: 020 7420 0799

Advisers