August Equity has reached its hard-cap of £200 million in its first fundraising since 2008.
Its August Equity Partners III fund has already made two off-market investments, back in 2013, when it backed independent day school business Minerva Education and care home concern The Old Deanery Care Village.
The acquisition of The Old Deanery Care Village was made to create a South of England-focused high quality, asset-backed, private pay, residential and nursing care homes group for patients with dementia.
Philip Rattle, managing partner at August Equity, says that the latest fund has a strong base of blue chip investors.
‘We have worked hard with our management teams to exceed our investors’ expectations and the successful fundraise is a testament to that effort,’ he adds.
‘We are currently working on a number of investment opportunities which we expect to complete in the coming months which will continue our proven strategy of investing between £10 million and £30 million of equity in deals in the healthcare, education, technology services and business services sectors.’
The last time the private equity firm raised a new fund was in 2008, when its August Equity Partners II pot was worth £155 million. Before that, it’s 2003 August Equity Partners I fund reached a target of £130 million.
August Equity’s second fund has so far secured two exits: domiciliary care provider Enara in 2012 though an £111 million transaction and online collaboration technology company 4Projects in 2013 by way of a US trade sale.