Phoenix Equity Partners has completed the raising of its fourth fund, Phoenix Equity Partners 2016 (the “Fund” or the “2016 Fund”), with commitments of £415 million. The Fund will employ the same investment strategy as its prior fund, allowing Phoenix to continue to support the growth of entrepreneur-led small and medium-sized businesses across the UK.
The 2016 Fund’s investor base comprises a range of high-quality existing and new investors including public and corporate pension funds, sovereign wealth funds, insurance companies, family offices, fund of funds and asset managers across North America, Europe and the Middle East.
The final closing of the 2016 Fund marks the latest event in a successful year for Phoenix. Phoenix has already completed three primary, off-market investments in target sub-sectors from its 2016 Fund: Travel Chapter Group, Rayner Surgical Group and Global Freight Solutions.
In addition to investing new capital, Phoenix has returned approximately £400 million of proceeds over the past 12 months, including proceeds from the successful sales of Key Retirement Group, Palletways, Edif and Karmarama. Phoenix’s most recent exit, Key Retirement Group, delivered a return of 4.5x Phoenix’s investment cost and is the sixth exit from Phoenix’s 2010 Fund.
Earlier in the year, Phoenix also welcomed Chris Neale to the team as a Partner. Chris Neale has added further expertise to the Phoenix team as it focuses on investing the 2016 Fund.
Phoenix was advised by Credit Suisse Private Fund Group (placement agent) and Ed Hall at Goodwin Procter (legal counsel) on the raising of the 2016 Fund.