Piper V launched in November last year and reached its first close of £90 million in two months.
Since then, a total of £107 million has been raised, nearly twice the size of the previous fund Piper IV.
Investors include the global fund of private equity investment management firm Adams Street Partners, UK-based Wittington Investments, which is a majority stake owner of Associated British Foods, and Carphone Warehouse founder Charles Dunstone.
The new fund will focus on management buy-outs, management buy-ins and growth capital investments in the retail, leisure, consumer products and services sectors, funding businesses with a turnover of between £5 million and £50 million.
Managing partner of Piper, Chris Curry, says, ‘The large majority of existing investors have continued to support us and we have attracted some very high quality new investors.
‘We now have the resources to help the next wave of emerging consumer brands to fulfil their potential.’
He adds that Piper nurtures businesses ‘through their adolescence’.
In May this year, the company announced the sale of soft drinks business Bottlegreen, achieving a five times multiple on its investment in four years.