Electra Partners picks new name, plans new fund

As it prepares to sever ties with its listed affiliate, the newly named Epiris, led by Alex Fortescue, is looking to raise fresh capital early next year.

Electra Partners has changed its name to Epiris and adopted new branding “as it seeks to reflect its future and its independence from Electra Private Equity PLC”, the firm said in a statement this morning.

The firm is also understood to be planning to raise between £800 million ($1.02 billion; €950 million) and £1 billion for its first fund as an independent manager, a source with knowledge of the situation told PEI, and is likely to launch a formal marketing process “early next year”.

Epiris declined to comment on fundraising plans.

The London-headquartered private equity firm has for 30 years managed the portfolio of listed investment trust Electra Private Equity PLC, but this relationship was effectively brought to an end this year, after the listed fund – now under the control of activist investor Edward Bramson – served notice on its long-standing fund manager in May.

Epiris, as it is now known, “has managed private equity investment programmes for Electra Private Equity PLC as well as pension funds, financial institutions and family offices from around the world for three decades,” the firm said.

The listed company accounts for 95 percent of the capital and assets managed by Epiris which, as of March this year, stood at £2 billion, including £400 million of capital available to invest.

Epiris will manage the assets of Electra Private Equity until the end of May next year, at which point their management will shift to a team assembled “in-house” as the entity morphs from a listed investment trust to a “corporate structure”.

The name Epiris is a combination of the “EP” initials of Electra Partners and “Iris”, Electra’s daughter in Greek mythology.

“We are proud of the exceptional returns we have produced for our investors, including Electra Private Equity PLC and its shareholders, over the decades,” said Alex Fortescue, Managing Partner of Epiris. “Our new name retains a link to this heritage, whilst also providing a new identity for our exciting future. We have an experienced and talented team, a top-decile track record and a differentiated strategy and look forward to continuing to generate outstanding returns for our investors.”