Synova beats target to close Fund V on £875m in three months

Private equity firm Synova has raised £875m for its latest fund.

The firm has announced the first and final close of Synova V at the hard cap of £875m, surpassing its original £750m target, three months after its launch.

The fund is set to back growth companies within the technology, business services, financial services, and health and education sectors. In addition to opportunities in the UK and Ireland, Synova will also be seeking platform opportunities in continental Europe.

Synova V has been constructed to support companies throughout their growth trajectory, with £250m of the capital, known as the Chrysalis pool, to be reserved for investments in smaller companies.

Get the week’s top news delivered directly to your inbox – Sign up for our newsletter

The fund was supported by existing investors, who increased their commitments by more than 50 per cent on average, as well as select new investors.

Synova co-founders Philip Shapiro and David Menton said: “We are humbled by the speed and success of this fundraise, which we believe reflects the strength of the Synova model, the talent within our team, and the strong partnerships we have built with investors over the years.

“We are committed to continuing to deliver outstanding returns through partnering with remarkable companies and great founders and supporting them to deliver exceptional growth across our core sectors.”

Synova was advised by Rede Partners with legal support from Macfarlanes.

Source: Insider Media