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UK & Ireland Fundraising Pipeline - Q1 2021

Katharine Hidalgo and Greg Gille
25 March 2021

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Unquote rounds up the most notable fundraises currently ongoing in the UK and Irish markets across the buyout, venture and debt spaces, with the latest available intel for each vehicle.

As has been the case across the rest of Europe, 2020 did not turn out to be a wash from a fundraising perspective for UK managers, as expected when the outbreak of the coronavirus pandemic hit processes hard. Overall, Unquote recorded 61 closes for funds managed by a UK-based sponsor (which will include some pan-European vehicles too), raising aggregate commitments of €69bn.

This is certainly a cool-down compared with the €79bn across 71 funds recorded in 2019, or the 80 vehicles raising €75bn in 2017, but higher than other recent vintages that did not have the misfortune of coinciding with a crippling pandemic.

More recently, standouts from Q4 onward have included CBPE X closing on its hard-cap of £561m in November, Endless raising £400m for its Fund V that same month, Apax X closing on $11bn in January, and Agilitas 2020 Private Equity closing on its hard-cap of €565m at the beginning of March.

The events of the past year have undeniably had an impact on a number of planned fundraises though, with some players opting to postpone launches in order to deal with their portfolios and/or avoid a protracted process as LPs prioritised existing relationships and name-brand vehicles. Unquote recorded 17 new fund launches between April and December, marking a drop of up to 50% when compared with some of the busiest comparable periods in recent years.

The following is a snapshot of fundraises currently underway, drawing on intelligence from the Unquote Data and Unquote.com platforms.

Buyout & generalist vehicles

Fund name	Fund manager	Vintage	Strategy	Target (£m)	Launch date	Latest update
BC European Capital XI	BC Partners	2020	Large-cap buyouts	8,500	Jan 2020	A source close to the situation told Unquote that BC European Capital XI held a first close on €4bn towards the end of Summer 2020, with no further update since.
HIG Middle Market I	HIG Capital	2020	Mid-market buyouts	1,992	Sep 2020	HIG Middle Market I counts LPs such as Orange County Employees Retirement System and Texas County and District Retirement System among its backers.
Trilantic Capital Partners VI Europe	Trilantic Capital Partners	2020	Mid-market buyouts	1,000	Jun 2019	Trilantic Europe was expected to hold a dry interim close for its sixth-generation fund in the summer of 2020, with commitments exceeding €500m. It has held several closes since and is nearing a final close on target, according to a person familiar with the situation. The fund held a first close in December 2019.
Piper Private Equity VII	Piper	n/d	Consumer-sector buyouts	175-200	n/d	Piper has begun raising its seventh-generation fund. Managing partner Chris Curry told Unquote the fund is expected to target £150-175m. The consumer-focused firm is currently deploying Piper Private Equity VI, which closed on £125m in October 2016.
Sovereign Capital V	Sovereign Capital	n/d	Mid-market buy-and-build	697	n/d	A source close to the situation told Unquote that the fund is now currently raising, targeting £450-500m, and is expected to reach its target later this year. Sovereign Capital previously delayed the fundraising process of its fifth-generation fund, Unquote was told in May 2020. The GP's previous fund, Sovereign Capital IV, closed on £395m in August 2014.
BlueGem III	BlueGem Capital Partners	n/d	Consumer-sector buyouts	400	Jul 2019	BlueGem III is currently being deployed (backed companies include childcare products business Beaba Group), though the firm has not yet officially announced its first close. BlueGem III has a €500m hard-cap. At the time of launch, 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.
Palatine Private Equity Fund IV	Palatine Private Equity	n/d	UK lower-mid-market buyouts	343	Aug 2019	Palatine Private Equity Fund IV has a £300m target. While it has yet to formally announce its first close, the fund has already invested in waste fleet management provider NRG Fleet Services in October 2020.
Palatine Private Equity Impact Investing Fund II	Palatine Private Equity	n/d	UK buyouts with a focus on delivering positive social impact	n/d	n/d	The fund is expected to begin raising in 2021/22, though it was registered in December 2019, according to Unquote Data. The fund's predecessor closed on £100m in September 2017.
Dunedin Buyout Fund IV	Dunedin	n/d	UK lower-mid-market buyouts	339	Jun 2020	In October 2020, a source close to the situation told Unquote that Dunedin Buyout Fund IV was on the road and working towards a first close, with an overall target of £300m.
Growth Capital Partners Fund V	Growth Capital Partners	2021	UK small-cap buyouts	n/d	Q3 2020	GCP Fund V was registered in the UK in September last year, and began raising shortly after for a strategy expected to be similar to its predecessor, which raised £205m. The vehicle reached a first close in Q1 this year, a source close to the situation told Unquote. It has already inked its first deal, investing in cybersecurity business Bridewell Consulting in late March 2021.
Capdesia Structured Equity Partners	Capdesia	n/d	European food-sector buyouts	200	May 2018	Capdesia's latest fund was expected to hold a close in Q1 2021, targeting £100m; however, a source close to the situation told Unquote that the firm is currently working on a deal, so the fundraise has been put on the backburner.
Melior Equity Partners Fund I	Melior Equity Partners	2020	Irish small-cap buyouts and growth capital	175	Jan 2020	Melior Equity Partners Fund held a first close on €115m in August 2020. It was launched with a €200m hard-cap. A final close is expected in 2021, according to a source close to the situation.
Livingbridge 7	Livingbridge	2020	UK lower-mid-market buyouts	n/d	n/d	Livingbridge 7 was registered in November 2019, and has received commitments from LPs such as Florida State Board of Administration, New York State Teachers' Retirement System and State of Connecticut Retirement Plans and Trust Funds, each with commitments of £60m or more, according to Unquote Data. The fund's predecessor was 77% deployed as of June 2020.
Palamon European Equity IV	Palamon Capital Partners	2018	European mid-market buyouts	n/d	n/d	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	Silverfleet Capital	n/d	European mid-market buy-and-build	n/d	n/d	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, Ireland, France and the DACH, Benelux and Nordic regions.

Venture & growth capital vehicles

Fund name	Fund manager	Vintage	Strategy	Target (€m)	Launch date	Latest update
Anthemis Insurance Venture Growth Fund I	Anthemis	2020	Insurance-focused technology	272	Dec 2019	Anthemis Insurance Venture Growth Fund I (AIVGF I) held an interim close in Q4 2020, and is open to additional investors. It expects to reach a final close later this year, according to a source close to the situation. The fund held a first close on $90m in February 2020. It has a target of $300m, according to an SEC filing.
GP Bullhound Fund V	GP Bullhound	2020	Software and technology companies in growth stage	200	May 2020	GP Bullhound Fund V's fifth fund is expected to close on its €300m hard-cap in 2021, according to GP Bullhound partner Ben Prade. The fund held an interim close on €194m in December 2020, following a first close on €125m in June 2020. It had collected commitments of £230m as of February 2020.
Notion Capital IV	Notion Capital	2019	Software-as-a-Service	140	n/d	Notion Capital IV was expected to close in 2020 above its £125m target, Unquote was told in September 2020. The fund held a first close on £75m in October 2019, following its registration in May 2019, and has a hard-cap of £175m. A source close to the situation told Unquote that the firm is continuing to raise for this fund.
Edge Creative Enterprise Fund II	Edge Group	n/d	Creative industries and associated technologies	109	Jul 2020	Edge Creative Enterprise Fund II is targeting £70m at first close and £100m at final close, with a £120m hard-cap. Edge was expected to hold a first close in the summer of 2020, but has not yet announced a close.

Debt & preferred equity vehicles

Fund name	Fund manager	Vintage	Strategy	Target (€m)	Launch date	Latest update
17Capital Fund 5	17Capital	2019	Preferred equity	1,800	Jul 2019	17Capital Fund 5 held an interim close on €1.2bn in October 2019.
Beechbrook Private Debt IV	Beechbrook Capital	n/d	Lower-mid-market private debt	n/d	n/d	Beechbrook registered its new flagship fund in September 2019. The fund was 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 V	Kartesia Advisor	2019	Small- and mid-cap private debt	n/d	n/d	Kartesia Credit Opportunities was registered in March 2019. It has raised in excess of €500m, according to its website. It is currently unclear if the fund is still raising.
IQ Capital IV	IQ Capital	n/d	Technology-focused early-stage companies	n/d	n/d	A source close to the situation told Unquote that IQ Capital is currently considering launching its fourth flagship fund by the end of 2021. IQ Capital III has made 26 investments to date and is "substantially deployed," the source said.