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News

Primary Exceeds Target for Fund IV

August, 2014

 

Primary Capital Partners LLP has closed on its latest fund, Primary IV, at £227.5 million, above its original target.

 

Primary commenced discussions with LPs in late 2013 and had a first close on the fund in February 2014.

 

The fund has attracted a blue chip LP base including pension funds, insurance companies, endowments, fund of funds and family offices, from Europe, North America and the UK. Primary enjoyed strong support from its existing investors, who accounted for over half of the Fund, with some of them making very significant increases in their commitments.

 

Neil Wallace, CEO of Primary, commented “We were extremely pleased with the support and encouragement we received from our existing LPs, reflecting their satisfaction with the returns we have been able to generate for them. We are equally happy that we have been able to attract some very high quality new LPs to join us, some of whom we have been in dialogue with for many years, and we’re looking forward to working with them going forward.”

 

Primary has generated a series of high profile exits including most recently the sale of Napier Turbochargers to Wabtec Corporation last year which generated a 5.5x return for Primary and which has received a number of awards for deal of the year and the sale of Amber Travel, which generated a 3.2x return for the Fund . It has enjoyed a strong track record of successful exits, with over half of all realisations returning in excess of 3.5x cost.

 

Primary IV will pursue the same strategy as each of the three previous funds, targeting management buy-outs and buy-ins in differentiated, strategically important businesses with enterprise values of between £20 million and £100 million and where Primary IV can make an equity investment of between £10 million and £45 million. 

 

Contact Jackie Adams for more information

Tel: +44(0) 20 7920 4800

Email: jackie@primaryeurope.com

 

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