Dunedin nears fundraising target

The mid-market firm has held a £240m first close on Fund III.

Dunedin Enterprise Investment Trust, a publicly quoted vehicle that invests in funds managed by London-based Dunedin, has committed a further £25 million (€30.14 million, $40.27 million) to the firm’s latest fund. 

According to a regulatory announcement issued on RNS, the communication channel for companies listed on the London Stock Exchange, this takes the trust’s commitments to Dunedin’s Fund III to £50 million (€60.25 million, $80.54 million), which the statement said constituted 21 percent of the fund at first close. 

The fund’s first close was on roughly £240 million (€289.16 million, $386.58 million). Launched in September 2012, Fund III has a target of £250 million (€301.40 million, $402.70 million).

Dunedin declined to comment on fundraising. 

The RNS announcement comes in the wake of an eventful 2012 for Dunedin. The firm reaped a 3x return through the sale of etc venues, a conference and training venues business, in December. A few days later, it announced its investment in Premier Hytemp, a supplier of alloy components for the oil and gas industry. 

This followed Dunedin’s exit from WFEL, a defence engineering firm, and Capula, a provider of IT systems solutions to energy operators, to trade buyers earlier in the year. 

Dunedin’s Fund II held its final close in September 2006 on £250 million (€301.40 million, $402.70 million).