Rutland Partners, a UK-based GP focused on turnaround investing, has held a £147 million first close for its third fund, according a source familiar with the matter.
The firm started fundraising in February last year, targeting £300 million.
Rutland declined to comment on fundraising.
The first close came shortly after Rutland fully invested its prior fund. In October, Rutland sealed its eleventh and final deal from this fund, when it bought Millbrook Proving Ground, a test and
engineering technology business for the automotive, energy and defence markets, from General Motors.
The performance of Rutland Fund II, a £322 million that closed in 2006, is understood to be “solid”, a source told PEI in July. The firm’s first fund, Rutland Fund I, a £210 million 2000 vintage, returned 2x to investors, according to the source.
LPs that have previously invested with Rutland include Princess Private Equity Holding, West Midlands Pension Fund and Greater Manchester Pension Fund, according to PEI's Research and Analytics Division.
Rutland invests in UK-based businesses with an enterprise value of between £20 million and £150 million. It typically writes equity cheques between £10 million and £50 million.