Elysian’s third fund closes at £325m hard cap

UK buyout group Elysian Capital has closed its third fund at £325m hard cap, surpassing the initial £300m target within six months of its launch, according to the firm. In July, the fund held its first close at £270m.

Elysian Capital III is also larger than its predecessor, which was oversubscribed and closed in 2015 with total commitments of £250m.

The new vehicle received commitments from investors from Europe, the Middle East, and the US. This includes the Massachusetts Pension Reserves Investment Management (MassPRIM), which approved a £60m commitment, according to a board meeting document.

Elysian said its team also made a £26m commitment to the fund.

The vehicle follows the same strategy of the previous fund and focuses on making majority-stake investments in lower mid-market companies in the UK and Ireland.

Founded in 2007, Elysian typically invests in businesses with enterprise values of up to £100m. Since its inception, it has completed more than 50 private equity deals.

In the past 12 months, the firm made three new investments and two exits. One of the divestments, the sale of healthcare software provider Wellbeing Software Group in April, has generated a return of 4.5 times. The initial public offering of The Pebble Group in December, returned 4.3 times to Elysian.

Source: Private Equity News

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