The London-based private equity division of J O Hambro Capital Management has announced the first closing of its second private equity fund on £45 million (€65 million; $85 million).
Trident Private Equity Fund II, which was launched in May last year, has received commitments from a mix of new investors and existing investors in Fund I, the group said in a statement.
Commenting on the close, partner and fund manager Jeremy Brade said in an interview: “The first fund is performing well and we’ve got a very good complexion of institutional investors, new and old in the new fund.”
Following the close, the second fund is already larger than the previous vehicle, which closed on $30 million and is fully invested at this stage. The second fund is expected to close within the next number of months. A final target has not been disclosed at this stage.
No investments have been made from Trident II to date, although Brade indicated that the firm was seeing strong deal flow at the smaller end of the mid-market sector in which it specialises.
Fund II will follow the same investment strategy as its predecessor, making investments in smaller unquoted UK companies, providing consolidation and expansion capital and looking at public to private and pre-IPO opportunities.
The firm invests across a range of sectors including manufacturing, services, leisure and media, financial services and construction.
The team of four investment professionals is headed up by Christopher Mills. Brade, Maarten Hemsley and Faye Foster comprise the team.