Next Wave Partners, a private equity fund management company, has closed its inaugural fund after raising close to £20 million.

Next Wave Partners, a private equity fund management company, has closed its inaugural fund after raising close to £20 million.

The Next Wave Ventures Fund 1 is a six-year, UK-limited partnership focusing on lower mid-market growth capital and buy-out opportunities in the UK and Europe. According to Next Wave, several of the fund’s investors have indicated their preparedness to commit substantial additional monies for co-investment into identified opportunities.

The Fund aims to provide between £1 million and £5 million of equity funding to UK and European companies typically with a profit run-rate of more than £1 million and strong growth prospects through organic growth and/or acquisitions.

Next Wave considers companies in all sectors but is particularly active in the consumer products and services, business services, clean tech and media sectors.