Candover 2001 on first closing with E1.1bn

The UK private equity fund has closed its first round funding and is on track for a closing later on this year in the order of E2.5bn

Candover Investments has announced that its 2001 Fund has closed its first round funding with over E1.1bn.

The fund will target large buyouts in UK and Continental Europe. Approximately 50 per cent of the fund will be invested in continental European transactions in France, Germany and the Benelux.

Investors in the Fund came from Europe and the US and so far include The California Public Employees' Retirement System, Massachusetts Institute of Technology, The Metropolitan Museum of Art, Funds managed by Standard Life, and UBS AG.

'We have experienced a very favourable response from both existing and new investors to the 2001 Fund, in what has arguably been a tough environment for fund raising. The popularity and awareness of private equity amongst investors keen to maximise returns from their assets is rising, particularly in Europe,' said Marek Gumienny, joint managing director of Candover.

Candover has raised seven funds in total up until now. Its total funds under management amount to about E4bn.