UK Fundraising Pipeline - Q4 2020

BC European Capital XI was announced in January 2020 with a target of €8.5bn. A source close to the situation told Unquote the fund held a first close on €4bn towards the end of Summer 2020. The source said: "In short, it's going well and they've had strong momentum, in spite of the pandemic. They recently had a strong first close at €4bn, which was larger than expected.

In February 2020, the firm registered this fund with a target of €2bn. The fund officially started raising in September and has LPs such as the Orange County Employees Retirement System and the Texas County and District Retirement System.

HIG Capital launched HIG European Capital Partners III in July this year, with a target of €1bn.

Trilantic Europe is expecting to hold a dry interim close for its sixth-generation fund shortly, with commitments exceeding €500m, Unquote was told in May. The fund has a target of €1bn and was launched in Q2 2019 – it held a first close in December 2019.

Sovereign Capital has delayed the fundraising process of its fifth-generation fund, which has a target of £600m, Unquote was told in May. The GP's previous fund, Sovereign Capital IV, closed on £395m in August 2014. A source close to the situation told Unquote the fund was now back on the road, targeting £450-500m.

BlueGem launched BlueGem III in July 2019, with a €400m target and €500m hard-cap. At the time, it was expected to hold a final close in the summer of 2020. It plans to write equity tickets of €25-75m for European consumer brand companies.

The fund officially began raising in £300m in August 2019. While it has yet to announce its first close, the fund invested in waste fleet management provider NRG Fleet Services in October 2020.

Dunedin Buyout Fund IV is understood to be on the road and working towards a first close, with an overall target of £300m.

Capdesia, an investor in the European food service sector, delayed fundraising in May, but was expected to hold a final close in September, according to a source close to the situation. The fund is now expected to hold a close in Q1 2021 targeting £100m, with one or two investments in the pipeline.

Melior Equity Partners Fund held a first close on €115m in August 2020. It was launched in January 2020 with a €175m target and a €200m hard-cap. A final close is expected by the end of the year.

The fund, which was announced in June 2018, held a first close on its target of $125m in July 2019. The fund is still raising and will announce an update later in October 2020, according to the firm, which declined to comment further.

Livingbridge 7 was registered in November 2019, though the fund had not yet raised any capital in April, according to an SEC filing. Since then, a number of LPs have invested, according to Unquote Data. The fund is still raising, though the firm declined to comment further.

Palamon European Equity IV was expected to launch in 2018. The fund was registered and is domiciled in Luxembourg. Its predecessor was 60% deployed as of July 2017, according to Unquote Data.

Silverfleet Capital Partners III was registered as a UK LP in July 2019. Its previous fund held a final close on €870m in June 2015, focusing on buy-and-build opportunities in the UK and Ireland, the DACH region, France, Benelux and the Nordic region. The firm declined to comment on fundraising.

Registered in May 2018, the fund held a first close on £150m in November 2019 against its target of £300m. The fund's LPs include Pictet Alternative Advisers, BMO Global Asset Management and the Colorado Fire and Police Retirement Association.

Anthemis Insurance Venture Growth Fund I (AIVGF I) is expected to hold a final close before the end of H2 2021. Managing director Kate Sampson told Unquote the fund was on track to hit target within 18 months of the fund reaching first close, which it held on $90m in February 2020. It has a target of $300m, according to an SEC filing.

In June 2018, Advent Venture Partners registered Advent Life Sciences Fund III as a UK LP. The fund is targeting £220m and follows the strategy of Advent Life Sciences Fund II.

Notion Capital IV is expected to close in 2020 above its £125m target, Unquote was told in September. The fund held a first close on £75m in October 2019, following its registration in May 2019, and has a hard-cap of £175m.

The second-generation vehicle is targeting £70m for a first close and £100m for a final close, with a £120m hard-cap. Edge was expected to hold a first close in the summer of 2020.

Coller International Partners VIII held an interim close on $4.89bn in January 2020 against a target of $9bn.

According to a filing with the SEC, the fund had raised $6bn in total capital commitments, meaning it has already exceeded its target. It remains unclear whether the fund is still open to commitments.

Glendower Secondary Opportunities Fund V was registered with the Luxembourg Business Registry in June 2020. The fund has a target of more than $3bn. As of March 2020, the Chicago Policemen's Annuity and Benefits Fund had considered a $25m commitment to the fund.

17Capital Fund 5 launched with a target of €1.8bn in July 2019. The fund held an interim close on €1.2bn in October 2019.

Aberdeen Standard Secondary Opportunities Fund held initial closes in H2 2019 and has now raised more than half of its target of $500m with a final close pegged for early 2021, Unquote understands.

Beechbrook registered its new flagship fund in September 2019. The fund is planning for a first close in December 2020 and will remain open to investment during 2021. It will target more than its predecessor's final close amount of €200m and is expected to follow the same strategy.

Kartesia Credit Opportunities was registered in March 2019. It has raised in excess of €500m, according to its website, and it is currently unclear if the fund is still raising. The firm could not be reached for comment.