Private equity firm Bowmark Capital has closed its fifth fund and banked £375 million from a range of limited partners.
Six years after closing its previous investment pot, Bowmark Capital has completed an oversubscribed new fund in ten weeks.
Its Bowmark Capital Partners V fund is worth £375 million, and is 90 per cent comprised of commitments from investors in previous funds.
The mid-market investor, which has recently made capital injections into companies such as restaurant chain Drake & Morgan and fertility services business CARE Fertility, made eight investments from its £265 million Bowmark Capital Partners IV fund.
Charles Ind, joint managing partner at Bowmark Capital alongside Kevin Grassby, says that the ‘demanding timetable’ of the fundraising would not have been possible without the significant goodwill and hard work of the firm’s investors.
In providing a detailed breakdown of its new fund, Bowmark Capital says that of the 22 investors 49 per cent are from Continental Europe, 34 per cent from North America, 8 per cent from the UK and 9 per cent from other countries. Pension funds represent 38 per cent of the £375 million, insurance companies 21 per cent, fund-of-funds 16 per cent and other financial institutions 16 per cent – with 9 per cent from endowments and family offices.
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Grassby comments, ‘The success of the fundraising is a validation of Bowmark’s growth-orientated investment strategy, and of the quality of the management teams we have backed which have delivered outstanding performance during a challenging period for the UK economy.’
The Bowmark Capital Partners V fund will have a focus on healthcare, education, business services, consumer and leisure, IT services and media as well as backing businesses with enterprise values of up to £100 million.