Lyceum Capital hires former LDC executive

The appointments come as the UK-focused firm seeks to deploy its third fund, which closed at approximately £300m at the end of last year.

Lyceum Capital has expanded its investment team by appointing Matthew Norrington and Thomas Alldred as it gears up to deploy its latest fund. 

Norrington used to be at LDC, the in-house private equity arm of Lloyds Banking Group, where he spent more than five years sourcing deals and completing buyouts of between £5 million and £100 million. In this role he also supported the development of portfolio companies. Prior to that, he worked as a consultant at security consultancy business Control Risk Group. He also worked a year as a senior associate at Deloitte, in the firm’s transaction services team. 

Prior to Lyceum, Alldred was also at Deloitte, where he spent two and a half years in the firm’s transaction services team advising on due diligence and other transaction-related services. 

The appointments take headcount in the investment team to 10 and “indicates our continued confidence in the resilient UK lower mid-market”, Simon Hitchcock, a partner at Lyceum said in a statement. 

The expansion comes as the firm is preparing to deploy its third fund, which closed at the end of last year in excess of £300 million, according to a source familiar with the matter. 

The vehicle is the largest fund Lyceum has raised to date. Lyceum Capital Fund II, a 2008 vintage, raised £255 million, the same amount as its predecessor, Lyceum Capital I, according to PEI’s Research and Analytics division.   
Lyceum, which declined to comment beyond the statement, was established in 1999. The UK lower mid- market firm calls itself a buy-and-build specialist and acquires businesses generating between £1 million and £10 million of EBITDA, according to its website. 

Among its LPs it has pension funds, insurance companies, asset managers and mutuals, funds of funds, banks and private family offices. Current investors include AlpInvest, AP2, AXA Private Equity and AXA Sun Life, Danske Private Equity, European Investment Fund, F&C, GIMV, Kuwait Investment Office, Lexington, Regents of the University of California, Robeco, Thrivent and clients of SCM Strategic Capital Management, the firm said on its website.