UK SME-focused private equity firm Oakfield Capital Partners has held a first close of its UK Special Situations Fund on £6m.
Oakfield targets SMEs which qualify for tax relief under the Government-backed Enterprise Investment Scheme. New investments will join OCP’s existing stable of five companies in which it has invested since the firm was founded in 2008.
Oakfield Partner David Pitman said, “We are delighted to have reached the first close of Oakfield’s UK Special Situations Fund with commitments of £6m. The current financial climate has proved to be a challenging fund raising environment for the private equity sector in general. We are pleased to welcome new investors to Oakfield and look forward to continued investment in good quality SMEs –a vital part of the British economy.”
To date Oakfield has raised £23m to invest in its five investee companies, comprising petroleum products manufacturer Coryton, commercial waste bin company Taylor, e-commerce platform Ingresso, Restaurant group Jolly Fine and parking service company Secure Parking & Storage.
The firm previously said it was hoping to raise £20m for the fund.
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