Beringea has committed £1.7m to emerging dining chain Coal Restaurants through its ProVen VCTs. The fund manager knew the firm's founder John Gater through a previous partnership with Gater's Ma Potter’s restaurants. Beringea sold the 16-strong chain in March 2007 to Tragus, owners of the Café Rouge chain, for £14.15 million, generating a return of 2.5x ProVen’s initial investment.
IK backed the France-based business in 2014 via its IK VII fund, which closed on €1.7bn in 2013
Move comes as funds invested in DC have exceeded £1bn, but exposure to private markets assets was already available to DB members
GP bought the fasteners and fixings manufacturer as part of a succession process for the company
Existing investors Quilvest Capital Partners and Amin Khiari retain stakes in the group