Livingbridge has held a first and final close on Livingbridge Enterprise 2 on its hard-cap of £220 million ($334 million; €298 million).
The fund will invest up to £10 million in fast growth, small and medium sized enterprises in the UK, the firm said.
Its investors were from the UK, Europe and the US, with the latter accounting for 30 percent of commitments. These were derived from a range of clients, including insurance companies, fund of funds, family offices, and corporate and state pension funds. A number of existing investors re-committed.
The firm is focused on investing in business services, financial services, consumer markets, healthcare, education and technology, and media and telecommunications, as well as energy and environmental sectors. It typically invests £2 million to £40 million in transactions of £5 million to £100 million, in companies with profits of more than £1 million.
Isis Equity Partners changed its name to Livingbridge at the end of 2014. ISIS IV, a £238 million, 2007-vintage vehicle and ISIS V, a £352 million, 2012 fund are currently investing, according to PEI’s Research & Analytics division.
Following the close of Enterprise 2, the firm has £1.5 million under management, it said.