UK’s Mayfair races towards £650m hard-cap – exclusive

Mayfair Equity Partners is eyeing the final close on its second fund after around nine months of fundraising.

Mayfair Equity Partners is closing in on the hard-cap for its second fund, Private Equity International has learned.

The London-headquartered buyout and growth investor will soon hold the final close on £650 million ($832 million; €730 million) for its Mayfair Equity Partners II fund, according to a source familiar with the matter. The fund launched in February with a £600 million target, according to PEI data.

Mayfair raised £400 million for its debut fund, which closed above its £350 million target in 2016, according to a statement at the time.

Limited partners in Fund II include Dutch pension APG, City of Zurich Pension Fund and Public School and Education Employee Retirement Systems of Missouri, according to PEI data.

Mayfair declined to comment.

The firm was founded in 2014 by LDC’s former London office head, Daniel Sasaki. It focuses on tech and consumer mid-market businesses in the UK and Ireland. Its 10-strong portfolio includes Japanese dining chain Yo!, fishing tackle provider Fox International and energy supplier Ovo.

UK private equity firms have had to contend with Brexit headwinds when fundraising. Lyceum Capital pulled a £375 million fundraise in January citing the EU referendum, among other factors. The firm rebranded to Horizon in October, as Private Equity International reported.