Terrorist group compels PE firm to change name

ISIS Equity Partners, the UK mid-market private equity firm, said that it would be changing its name in light of the increasing prominence of the terrorist organisation Islamic State, also known as ISIS or ISIL, which is currently engaged in a violent campaign in Syria and Northern Iraq.

“Given ongoing events in Syria and Iraq, it will come as no surprise to you to learn that we have decided to change our name,” ISIS managing partner Wol Kolade said in an emailed update. “We are no longer prepared to share it with a terrorist organisation.”

In his statement, Kolade said that the firm would “hopefully be in a position to unveil our new brand in the coming weeks”, but in the interim it would be “very much business as usual”.

“Even though the name above the door will change, we remain focused and committed to invest in and support [sic] high-growth UK companies run by entrepreneurial management teams,” Kolade said.

The independent private equity firm spun out from F&C Asset Management in 2005 and focuses on investments in small- to medium-sized businesses valued between £5 million and £75 million, according to Private Equity International’s Research and Analytics division. It closed its most recent fund, the £360 million ISIS V, in 2012.