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UK Terra firma announces final close on E2bn

3 Mar 2004

UK private equity firm Terra Firma has announced the final close if its fund with E2bn of commitments. The fund was originally targeting E3bn but downsized due to a slow fund raising environment. It is nevertheless the largest debut fundraising ever held in Europe.

Investors in the fund include Wilshire Associates, Partners Group, Horsley Bridge, Adams Street Partners, NIB Capital, Citigroup and Canada Pension Plan.

Since inception, Terra Firma has completed one investment, the £530.9m acquisition of landfill operator Waste Recycling Group in July 2003. The firm will focus on firms with an enterprise value of around E1bn.

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