Mobeus Announces Fund IV Closing
Mobeus VCT Fundraising
Mobeus is pleased to announce the latest closing of Mobeus Equity Partners IV LP (“Fund IV or the Fund”) taking total commitments to over £140 million and expects to complete fundraising by the summer.
Fund IV is Mobeus’s first institutional fund, and alongside Mobeus’s existing VCT business, brings the firm’s total Private Equity Funds under Management to £360 million.
Following a first close shortly after last June’s referendum result, Mobeus Fund IV has now received commitments from ten international blue-chip investors, across private and public pension funds, foundations, asset managers and family offices. Just under two thirds of commitments have been from Europe with the remainder coming from the US.
Fund IV will finance buyouts of growing UK private companies, investing between
£5 million and £15 million initially in each transaction. The Fund has already completed two deals, investing £6 million to finance the MBO of Kinneir Dufort, one of the UK’s principal design and innovation consultancies, and £9 million to back the MBO of Factor 21, a fast-growing UK provider of invoice finance facilities for SMEs. Three further investments are currently in due diligence.
London-based Mobeus has a team of 33 staff and is an experienced provider of growth and buyout finance to UK based SMEs.
Ashley Broomberg, Partner at Mobeus said
“We are delighted with the support we’ve received from our LP investors, who were attracted by our long-standing track record and reputation in the small-cap segment in the UK, our differentiated proposition and the scale and experience of our resource. The relative lack of competition in our space and our ability to consistently buy into great companies at value resonated well with investors, particularly in the US. Deal flow is currently strong in our market and we feel very confident about the first year’s investment programme. We are particularly pleased that the first two investments in the Fund are making excellent progress.”
Mark Wignall, Managing Partner at Mobeus said
“Fund IV has been a transformational project for our business. Our ambition was to raise a fund of at least £100 million from sophisticated international private equity investors and we achieved this without a cornerstone funder or development finance institution. We’ve raised Fund IV whilst also taking our VCT new investment programme forward strongly and filling out both our investment teams. We now have one of the strongest fund platforms investing in our segment of the market.”
Asante Capital Group is acting as sole placement agent on the Fund with an experienced team led by Warren Hibbert and Laura Leyland. MacFarlanes, led by Stephen Robinson and Henry Stewart-Brown, acts as legal adviser to the Fund. Langham Hall acts as fund administrator.