North Atlantic Value LLP (NAVLLP), a London-based private equity firm, has announced the launch of its second buyout fund, Trident Private Equity Fund II.
Chief investment officer Christopher Mills, who is also chief executive of North Atlantic Smaller Companies Investment Trust (NASCIT), and his team of three investment principals will manage the fund, which will focus on smaller, unquoted companies in the UK.
The target size of the fund has not been disclosed, although sources close to the firm anticipate that it will be larger than the $30 million (€25 million) Fund I, which is fully invested at this stage.
Jeremy Brade, partner and fund manager at NAVLLP, anticipates a strong take-up from Fund I investors, which the fund will approach first, before turning to external, institutional investors.
The investment team, comprising Mills, Brade, Maarten Hemsley and Faye Foster, hopes to hold an initial close of the fund towards the end of the year.
The team of four, who invested Fund I, will replicate the strategy adopted in investing that fund, in terms of sector focus, transactional size and style of investment. The majority of investments will be focused on sectors familiar to the team, including manufacturing, services, leisure and media, healthcare, retail, financial services and construction.
In a statement, Mills said: “An important element of TPE II’s competitive advantage will be our highly experienced team’s ability to source and handle complex situations in order to prepare smallcap companies for a successful exit.”