London-based family office and asset management firm Fleming Family & Partners (FF&P) is currently in the market raising funds for its first private equity fund, a source close to the situation told Private Equity International.
FF&P is targeting £100 million ($152 million; €137 million) and is expecting to hold its first close later in the year.
The fund is FF&P’s first private equity spin out and will focus on mid-market growth investments in the UK.
FF&P has an existing private equity team that targets established businesses with a value of £5 million to £75 million and revenues of more than £10 million, according to its website. The team looks for minority and majority stakes in companies seeking £3 million to £15 million of equity to fund growth, replacement capital or management buyouts.
Its portfolio companies include e-learning and consulting company Kallidus, digital ticket company Ticketscript, and energy sector software company Ikon.
In a September 2013 article looking at the trend for family office co-investments, PEI reported that FF&P had invested in UK energy efficiency business FIT.