ECI Partners hits £500m hard cap for latest fund


union jackUK buyout firm ECI Partners has hit the £500m hard cap for its tenth fund after only six months on the road.

The fund, was launched with a £400m target in April this year, secured 80 per cent of the commitments from existing investors. ECI said that commitments from existing LPs increased 33 per cent on average.

ECI 10 was backed by 25 institutional investors from the UK, US, Europe, the Middle East and Australia.

The fund brought the firm’s fundraising total to more than £1.6bn.

ECI managing partner Sean Whelan said, “Eighty per cent of the capital raised for ECI 10 has come from existing investors, some of whom have now been investors with ECI for over 20 years. We are also delighted to welcome our new investors and look forward to developing long-term relationships with them.”

ECI’s recent deals include the exit from Dublin-based car rental technology company CarTrawler to BC Partners for a return of six times.

Copyright © 2014 AltAssets