August Equity reaches £100m first close

The London-based firm, which came to market late last year, has so far collected £100m from its core investor base as it aims to raise £180m for its Fund III.

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.