Rutland eyes imminent first close for £300m-targeting third fund


pounds3_lrgUK turnaround-focused buyout house Rutland Partners is reportedly nearing a first close for its third private equity fund.

The firm has received strong interest from investors for the £300m-targeting vehicle according to PE News, which cited three people familiar with the matter.

It said Rutland expects to hold a first close early next month having started talks with LPs in March this year.

Rutland made short work of fundraising for its last fund in 2007, gathering £322m after less than a year on the road. That was easily above its £250m target for Rutland Fund II.

Earlier this month the firm tapped that fund for its tenth investment by picking up turkey producer Bernard Matthews.

The deal followed other recent moves for AFI Group, Buy As You View and Pizza Hut UK Restaurants.

Rutland has exited three businesses over the last year including Pulse Home Products, NoteMachine and Advantage Healthcare.

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