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Sovereign Capital caps speedy fourth fundraise at £395m

1 Sep 2014

crown-sovereign-goldUK buy and build specialist Sovereign Capital has hit a £395m hard cap final close for its fourth fund just six months after launch.

SCLP IV hit its £350m target in July and was significantly oversubscribed, the firm said, with commitments coming from new and existing LPs across the US, Europe and Asia.

Earlier this year Sovereign fully realised its 2001 debut fund to deliver a 3.5-times money multiple.

The firm said it planned to tap its latest vehicle to invest up to £50m of equity at a time in services-based companies.

Managing partner Andrew Hayden said, “It was quickly clear when we launched that the appetite for SCLP IV was strong.

“The pace of the fundraising and the level of interest it attracted is an endorsement of the success of our investment strategy – which has been strictly applied across all our funds – the energy and dedication of our team, and the quality of the management teams and businesses we have partnered.”

Sovereign’s last vehicle, Limited Partnership Fund III, had a target of £350m. It is not known whether that amount was reached, but it had pulled in about 40 per cent of the total at its first close in 2009.

The firm’s second fund closed on its £275m hard-cap in May 2005.

Sovereign focuses on support service business, education and training and healthcare services. Its portfolio includes Axis Group Integrated Services and IT company 8 Solutions.

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