August Equity Partners, a UK-focused lower mid-market firm, is understood to have held a £100 million first close for its third fund. A subsequent close is expected at the end of July.
August declined to comment on fundraising.
The fund came to market late last year with a £180 million target and £200 million hard-cap. It is believed a significant number of existing investors have increased their commitments.The firm is also targeting new investors, working with placement firm Amala Partners.
August Equity Partners I, a $294 million, 2001-vintage fund, has generated a 3x return for investors, according to a source familiar with the firm's returns. Its Fund II, a £155 million, 2008-vintage, has so far made two exits that have repaid half of the commitments, the source said.
August invests between £10 million and £25 million in UK-based companies. While the firm is sector agnostic, it tends to operate in the healthcare, technology, and support services space.