Penta admits three new LPs, raises £75m

Emerging manager Penta Capital has increased the size of its maiden fund by £75m via commitments from existing investors and new LPs AXA Private Equity, Bregal and Goldman Sachs.

Glasgow, UK-headquartered Penta Capital Partners has expanded the size of its £125.5 million (€182 million; $235 million) debut 2000 vintage fund by admitting three new limited partners.

AXA Private Equity, Bregal and Goldman Sachs Vintage Funds, along with existing limited partners have committed in excess of £75 million to Penta Fund I. The three new investors also acquired a secondary interest from one existing limited partner in the fund.

 

The original £125.5 million commitment is understood to be largely invested according to a source close to the firm. The fund’s term has been extended to allow Penta to deploy the additional resources over the next two years.

 

Penta was advised by placement agent Campbell Lutyens, which structured the transaction and raised the new capital. Commenting on the transaction, managing partner Andrew Sealey told PEO: “This was a complex and innovative transaction and one which was attractive to all participants – the new investors, existing LPs and the fund manager.”

 

Sealey went on: “This was an innovative alternative for an emerging manager, which was less distracting than a full-blown fundraising.”

 

Penta founding director Steven Scott said in a statement: “We are delighted to have raised additional capital in a very efficient manner from three first class investors. It positions us well for a wider fundraising when further exits have been achieved.”

 

Penta’s most recent exit was the February flotation of UK-based Spanish restaurant chain La Tasca. The flotation on the AIM market valued the company at £71 million and represented a return of 3.1x Penta’s original investment in the £27.2 MBI in September 2001.