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ISIS IV closes on £238.5m15/11/2007. Source: AltAssets. 
 UK lower mid-market buy-out firm ISIS Equity Partners has closed its new fund, ISIS IV, on £238.5m, including a £3.5m commitment from the ISIS team. The fund had an original target of £200m. ISIS began raising the fund in November 2006 and held a first closing on £148.5m in January this year.
Limited partners in ISIS IV came from Europe, the US and the Asia-Pacific region.
The new fund is the first fund the team has raised as a fully independent firm. The ISIS team spun out from F&C Asset Management in June 2005.
Wol Kolade, managing partner of ISIS, said, 'It is gratifying to have achieved our primary objective of a diversified global investor base for ISIS IV, our first fully independent fund since the spin out in 2005. We are delighted with the confidence that investors have shown in us.'
ISIS IV focuses on the lower end of the mid market, investing in buy-out opportunities of small to medium-sized businesses in the UK. Investments are typically in the £6-20m range in deals with an enterprise value of between £15m and £75m. One investment has already been made from the fund, an investment in the healthcare sector.
ISIS focuses on the business services, financial services, consumer markets, IT, media, healthcare and education sectors.
ISIS III, a 2003 vintage fund raised whilst ISIS was still a captive, is now fully invested, the firm said.
ISIS recently sold fashion business Americana International, owner of the Bench and Hooch brands, to HgCapital in a transaction valued at £190m.
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