Aberdeen Murray Johnstone Private Equity, the UK-based private equity firm, has held a final close of its latest fund, the successor to the Murray Johnstone Private Acquisition Partnership which raised £68m in 1997.
Launched in 2001, the Aberdeen Murray Johnstone Private Equity Fund (AMJPEF) has secured commitments totalling £72m (E104m), including commitments from ten new investors in the fund. The firm has declined to disclose the identity of the fund’s limited partners, although it said 67 per cent were from UK and Europe, 16 per cent originated in the US, while the remainder came from the Middle East.
AMJPEF will follow a similar investment strategy to the Murray Johnstone Private Acquisition Partnership, investing equity of between £5m and £15m in UK companies with an enterprise value of between £30m and £50m. The fund has already made three investments, including a £3.45m funding of Chiltern Invadex, a manufacturer of products designed to aid mobility; a £10m investment in offshore oil operator Tuscan Energy and an undisclosed investment in Palgrave Brown, a UK building materials business.
Despite having an initial target of £100m, a spokesperson for AMJPE said the firm was happy with the total funds raised. “We are very pleased with what we have achieved in what has been a very tough fundraising environment.”
AMJPE currently has funds under management totalling £455m, spread across a range of private equity funds and venture capital trusts.
SJ Berwin acted as legal counsel for the fundraising. AMJPE did not use a placement agent.