UK lower mid-market firm Tenzing has held a final close on its debut fund after just three months in market.
Tenzing Private Equity I exceeded its target of £150 million ($184 million; €173 million) to close on its £200 million hard-cap, according to a statement from the firm.
Evercore Private Funds Group acted as exclusive global placement agent for the fundraise.
The fund was “signficiantly oversubscribed”, the firm said, attracting commitments from institutional investors including UK, European and North American endowments and foundations, family offices, funds of funds, asset managers, private banks and insurance companies.
The fund will target buyout investments in UK businesses with enterprise values of between £10 million and £50 million with high organic growth prospects.
Tenzing was founded in January 2015 by Guy Gillon and Rob Jones, who both have experience investing with special situations investment firms, and Christian Hamilton, a former partner at UK mid-market firm Inflexion Private Equity.
The firm’s non-executive directors include industry heavyweight Ian Armitage, the co-founder and former CEO and chairman of HgCapital.
Tenzing has thus far been investing on a deal-by-deal basis, and has made three investments to date.
These include backing the £30 million buyout of FMP Global, and international payroll services business in August 2016. Fund of funds Access Capital Partners co-invested alongside the firm, according to a statement from Access at the time.
“The level of investor demand, as well LPs’ willingness to commit early to secure an allocation, speak to the superb pedigree of the Tenzing team: in particular the outstanding personal track records of the partners, their distinctive investment strategy and the unique approach to partnering with entrepreneurs,” Richard Anthony, CEO of Evercore’s private funds group, said in the statement.