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August Equity Partners holds £200m hard cap final close for Fund III

6 Jan 2014

pound_sterling_170sqUK lower mid-market buyout house August Equity Partners has beaten the £180m target for its third fund by holding a £200m final close.

August has hit the hard cap for the fund after less than 18 months and received interest for up to £300m according to Unquote, which spoke to managing partner Philip Rattle.

He said fundraising and marketing were now fully ongoing exercises, with the days of only tapping up potential LPs six months before a launch long gone.

August kicked off the fundraise in a strong position having just made three-times its initial investment through the exit of support living business Lifeways.

The fund held a £100m first close in June last year, three months earlier than anticipated, and has since outstripped the £150m it gathered for its second fund in 2008.

LPs investing in that vehicle included Deutsche Bank, JPMorgan and Partners Group.

Investors in the latest fund include Partners group, JP Morgan, Akina and PPM Managers according to Unquote.

A separate statement from Rattle said, “We are delighted with the our fundraising of our third fund and in particular to have the backing of a strong base of blue chip investors.

“We have worked hard with our management teams to exceed our investors expectations and the successful fundraise is a testament to that effort.

“We are currently working on a number of investment opportunities which we expect to complete in the coming months which will continue our proven strategy of investing between £10m and £30m of equity in deals in the healthcare, education, technology services and business services sectors.”

August inked the first investment from its third fund last July by backing independent school operator Minerva Education.

Minerva comprises Eaton Square School Group and Ravenstone School. Eaton Square currently has over 650 pupils on roll, while Ravenstone offers pre-prep and prep education in London.

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