Lazarus and Joseph’s EMK rises again with sophomore fund close

The mid-market firm, founded by Edmund Lazarus and Mark Joseph, has held a one-and-done on its latest vehicle.

EMK Capital, the firm founded by private equity veterans Edmund Lazarus and Mark Joseph, has held the final close on its sophomore vehicle after 10 weeks of fundraising.

The London-headquartered mid-market firm has raised €1.5 billion on a €1.2 billion target for EMK Capital Partners II, more than twice the amount raised for its 2017-vintage £575 million ($711 million; €634 million) predecessor, according to a statement seen by Private Equity International.

Increased support from EMK’s existing LPs and significant demand, particularly from North American investors, were behind the fund’s quick raise, according to a source familiar with the fundraise.

Makena Capital Management, a Menlo Park-based fund of funds manager, is an investor in EMK’s debut vehicle, according to PEI data.

Capital raised for the sophomore fund will continue the same strategy as its debut fund, backing mid-market companies in the UK and Europe.

The final close comes after an 18-month acquisition spree for the firm in which it made five platform investments, including in cybersecurity company Trustonic and surveillance technology company Covidence, as well as nine add-on acquisitions.

It is understood the capital for those deals came from Fund I.

EMK’s Capital Partners II is among 66 funds that launched in April collectively targeting close to $20 billion, according to PEI data.

The impact of the pandemic is expected to delay ongoing capital-raising efforts by first-time fund managers and extend fundraising timelines for all but the most in-demand funds, market sources told PEI in March.

EMK was founded in 2015 by Bregal Capital founding partner Lazarus and Oakley Capital Private Equity founding partner Joseph.

Campbell Lutyens advised on the fundraise and Proskauer Rose acted as legal advisor, according to the statement.