Next Wave closes second fund on £27m

The company started the fundraising process in September 2010 and has received new commitments from sources including following on investors,  institutional investors, large family offices and high net worth individuals.

The new fund is a partnership formed to invest alongside Next Wave's existing fund, raised in 2007. As a result, the business has increased its funds under management from £24m to £51m and is looking to make new investments.

Next Wave, which aims to inject growth capital in the Northern European SME market, intends to continue to invest between £2m to £10m equity in profitable and growing companies, focusing on business, consumer and environment services. The company also plans to extend its team.

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• Buyout
• UK / Ireland