Synova holds first and final close on £110m

The firm closed its oversubscribed fund on its £110m hard-cap after less than three months in market.

UK-based lower-mid market firm Synova Capital has closed its Synova Capital Fund II on £110 million after spending less than three months in market. 

The firm, which started pre-marketing in January and formally launched the fund early this summer, more than doubled the size of its prior fund, a £50 million 2007 vintage. 

Synova Capital Fund II was significantly oversubscribed, a spokesperson for the firm confirmed to Private Equity International. The fund attracted commitments from limited partners in the UK, Europe and US, including endowments, fund of funds, family offices, pension funds and insurance companies.

First Point Equity acted as placement agent for Fund II. 

Earlier this month, Synova acquired Mandata, a leading provider of software as a service to the UK haulage and logistics market, for an undisclosed amount. 

In April, Synova sold dental support services business DBG to The Carlyle Group and Palamon Capital Partners, netting a 5.8x return multiple and 77 percent IRR. 

Synova targets UK growth opportunities in business services, software and IT services, consumer brands, healthcare and education. It typically invests in companies valued at between £5 million and £30 million.