Partners within UK mid-market firm Gresham are reportedly talking to LPs about launching a breakaway fund.
The partners which include Andy Marsh and Iain Wolstenholme are considering launching the fund if Gresham fails to raise money for new deals, said Dow Jones, citing people familiar with the matter.
Marsh and Wolstenholme, which are based in Manchester, have met with investors to discuss a new fund separate from the firm which would make private equity investments in companies based in northern England.
Earlier this year Gresham said that six partners had left the firm ahead of the launch of its Fund 5.
Gresham said it would be targeting a smaller fund size than Gresham 4, which raised £340m in 2006 just one month after launch, and was over- subscribed at the hard cap.
In July 2013 Gresham was reported to have postponed launching its fifth buyout fund following discussions with its limited partners.
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