PE Firm Livingbridge Raises $1.7bn for Latest Fund

Mid-market private equity firm Livingbridge has successfully raised $1.7bn for its Livingbridge 7 fund, ahead of its final close.

Launched in April 2020 and with a hard cap of about $1.8bn, this fundraise marks the firm’s largest to date – nearly double the size of its predecessor fund Livingbridge 6, which closed at $926m in November 2016.

Commitments have been accepted from a global investor base, comprised of a strong network of existing investors bolstered by new, blue-chip Limited Partners (LPs) across the UK, Europe, and the US. For the first time, investors from the Middle East, Asia and Latin America have also committed to the Livingbridge platform.

Livingbridge 7 will focus on investing equity of up to $175m in high-growth, entrepreneurial businesses with enterprise values of up to $421m, over a five-year period. The firm’s investment strategy will remain focussed on its key sectors, including services, technology, consumer and healthcare & education.

Target companies will predominantly be based in the UK, with several investments expected from Livingbridge’s offices in Melbourne, Australia. Transformational M&A and international expansion plans for the Fund’s portfolio companies will be supported by Livingbridge’s US team based in Boston, Massachusetts.

Fund 7 has already secured its first transaction, with Livingbridge’s investment facilitating the merger of two Australian GP groups Better Medical and SmartClinics in January 2021 creating the fifth-largest general practice platform in Australia.

Fiona Dane at Livingbridge said: “We are thrilled to welcome commitments from such a high-quality pool of global investors, with the strong re-up rates from existing partners a testament to our deep relationships and excellent track-record in providing our investors with strong returns. We are very grateful for their ongoing support.”

“Despite the fund launching just before the pandemic took hold, we successfully secured investments from new LPs entirely virtually, thanks to our established brand and long-standing leadership team.”

Wol Kolade, managing partner at Livingbridge, added: “Whilst Covid-19 has dramatically altered the UK’s economy and the world at large over the past year, SMEs have consistently demonstrated their innovation, resilience, and ability to pivot to provide investors with excellent opportunities for growth. We are excited to continue to back great businesses with Fund 7.”