Equistone to hold ‘one-and-done’ by early March – exclusive

The firm is expected to raise €2.5bn to €3bn for the 'highly oversubscribed' Equistone VI, which does not have a formal hard-cap.

Equistone is aiming to hold a first and final close on its sixth buyout fund by early March, Private Equity International has learned.

The London-based firm is expected to raise €2.5 billion to €3 billion for the “highly oversubscribed” Equistone VI, which does not have a formal hard-cap, according to sources with knowledge of the fund. Limited partners are expecting a first close at the end of February or early March at the latest, the source said.

Equistone declined to comment.

The firm’s previous fund also proved popular; Fund V, a 2015-vintage, had a €1.75 billion target and closed on €2 billion, according to PEI data. Limited partners included California State Teachers’ Retirement System, Development Bank of Japan and the Abu Dhabi Investment Authority.

Equistone aims to invest between €25 million and €125 million in businesses with enterprise values of between €50 million and €500 million across France, Germany, Switzerland and the UK, according to its website.

It is not the only European manager facing overwhelming demand for its funds this year. In January, PEI reported that LPs were “kicking the door in” to commit to Bain Capital Europe Fund V, which is targeting €3.5 billion.