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Bowmark Capital raises £375m for latest fund

2 Jan 2014

london_uk_storm_170sqUK mid-market firm Bowmark Capital has held a first and final close of £375m for its fifth fund after only ten weeks on the road.

The fund was backed by 22 LPs with 49 per cent of the funds coming from continental Europe, 34 per cent from North America, eight per cent from the UK and nine per cent from elsewhere, the firm said in a statement.

Pension funds accounted for 38 per cent of the capital, while insurers and fund of funds vehicles provided 21 and 16 per cent of the funds, respectively.

In October last year it was reported that Bowmark was looking to raise £375m for a new fund and expected to wrap up the fundraise by Christmas.

Bowmark makes investments of between £20m and £100m in UK-based profitable companies with an equity requirement of £10m to £40m.

The London-based firm currently has £700m under management and its LP base includes public pension funds, insurance companies and banks based in the US, the UK and elsewhere in Europe.

Last year Bowmark backed the £30m management buyout of London based bar and restaurant chain Drake & Morgan.

The deal saw bar and restaurant investor Imbida Partnership exit its investment in the group, which is led by company founder Jillian Maclean.

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