Experienced duo join new Sagitta fund

Sagitta Private Equity, the UK lower mid-market investor, has appointed experienced buyout professionals Duncan Calam and Toby Wyles as directors.

Duncan Calam and Toby Wyles have been hired as directors by Sagitta Private Equity, the London-based private equity firm that closed its latest fund in February 2004.

Calam spent eight years at UK-based pan-European private equity house Bridgepoint Capital, latterly as a director in its London office, and Wyles spent 13 years at global buyout and venture firm Apax Partners, most recently as a senior equity partner and co-head of its European buyout group.

Sagitta Private Equity managing director Charles Ind said both Calam and Wyles had left their previous employers around a year ago in order to “pursue other activities”. He said they would both play a role in direct investments, putting to work the Sagitta Private Equity Partners III fund, which was capped at £105 million just eight months after launch and 40 percent ahead of target size.

Investors in the fund were institutional investors from Europe and the US, comprising funds of funds (24 percent), public pension funds (24 percent), insurance companies (19 percent), investment managers (19 percent) and family offices (14 percent). 

The fund will invest in UK companies with an enterprise value of between £10 million and £50 million and will target management buyouts, buy-ins, build-ups, rollouts, acquisition financings, and development capital financings of established growth-oriented businesses.

Although the size of deal targeted by Sagitta hints that Calam and Wyles are revisiting the type of deals they worked on in the early stages of their careers, Calam told Private Equity International that he was motivated not by the allure of smaller deals per se but rather “the opportunity to bring certain disciplines associated with the buyout market to the smaller end of the market”.

The two hires bring the total number of professionals at Sagitta Private Equity to nine and the number of investment professionals to seven. Calam said the firm should be able to make an announcement soon with regard to its first investment from the fund.