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This week it was reported that Prince Andrew has started a
campaign to back Britain’s venture capitalists and entrepreneurs, with a Pitch@Palace
Event intended to set up companies with successful investors. PEI’s Research
& Analytics team has taken this opportunity to analyse the fundraising life
of closed ended private equity vehicles raised by UK domiciled managers.
Fund managers have taken an average of 11 months to gather
capital for private equity vehicles that have held a final close in 2015 to
date. Average time spent on the road by UK-based funds is decreasing as fund
managers close vehicles at a faster rate than in previous years. A difference
of three months can be seen between funds closed in 2013 and funds closed in
2015 so far.
London-based Rutland Partners spent almost two years
gathering $447.64 million for its $510.61 million-targeting Rutland Fund III
between February 2013 and January 2015. Comparatively, Palatine Private Equity,
headquartered in Manchester, held a final close for Palatine Private Equity
Fund III in June 2015. The vehicle had opened in April with a target size of $374.45
million, taking just two months to collect the capital from investors.
Not only is
fundraising for UK-based vehicles gathering pace, but funds closed in 2015 to
date have also collectively raised $5.92 billion above targets. Intermediate
Capital Group took 11 months to raise $4.90 billion for ICG Senior Debt Partners II, $2.73 billion more than its original target
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