True Capital closes 2015 fund

The buyout and growth capital fund focused on retail and consumer sectors seeks to invest £10m-£40m in businesses headquartered in the UK.

True Capital has closed its 2015 buyout and growth fund on an undisclosed amount.

Founded in 2013, True Capital launched its debut fund, True Capital Partners I, targeting £100 million, according to PEI’s Research & Analytics division.

True Capital CEO Matt Truman told Private Equity International that the fund has “capacity to do a significant number of deals with equity cheques between £10-40 million ($15.1-60.4 million; €13.8-55.4 million). The retail and consumer sector specialist said it will seek opportunities in UK-headquartered businesses in growth markets.

Investors in the fund include European fund of funds Adveq, UK corporate and state pension funds, US endowments and retail sector family offices.

At the same time, True Capital announced its acquisition of Cyclesport North, a cycling and e-commerce business acquired from the Dove family, which retains a significant stake. Truman and True Capital co-founder Paul Cocker will become Cyclesport North’s board members when the deal closes, the firm said.

Truman said this acquisition follows the fund’s strategy of investing in businesses in structural growth markets with the potential for market leadership and ability to scale in a capitally efficient manner.

“The rationale for Cyclesport North follows this clearly: very strong structurally growing market; strong profitability; a real opportunity to accelerate through our e-commerce expertise; and focus on data and brand development,” he said.

True Capital also welcomed to its advisory board Sir Ian Cheshire, the senior independent director of Whitbread and UK government lead non-executive and non-executive member of the Cabinet Office Board, and Terry Duddy, a senior non-executive board director at Debenhams and Hammerson.