Primary Capital, the independent middle market private equity fund manager, has reached its £100m target for its second buy-out fund. The Primary Capital II fund plans to invest in management buy-ins and buyouts valued between £5m and £100m within UK and Europe-based companies.
Primary has already made one investment from the new fund, the management buy-out of becom Informationssysteme. Primary was assisted in its fundraising by Campbell Lutyens, a leading independent placement agent and specialist adviser in private equity.
The Primary Capital II fund will be the firm’s largest to date. Prior to closing this fund, the firm had investments under management totalling £120m.
About 62 per cent of the fund was raised within the UK, with 21 per cent coming from Europe and the rest from the US. Primary Capital’s investors range from insurance and life companies to high net worth individuals and banks, including Abbey National, Norwich Union and Bank of Scotland.Primary Capital was founded in 1994 by Charles Gonszor, who is now chief executive of the firm.