UK - European and US institutions have backed a new private equity fund targeting UK investment opportunities. London-based investment bank Close Brothers raised £202m(€330.4m) in its closed CBPE Fund VI, just exceeding its £200m target.

Some 40% of commitments came from non-UK institutions, with £90m (45% of total), coming from first time investors for Close. This was the first time that the group attracted overseas investors into its series of six funds, the first of which in 1984 raised £10m, and the previous one in 1997 attracting£100m.

The fund will focus on UK mid-market investments in the £10m to 75m range, with some 40% already committed to nine projects, with the remaining six to 10 transactions to be invested in the 18 months to 2 years. The areas of investment include specialist manufacturing, leisure and transport.

Close Brothers Private Equity director Nick MacNay comments that to have exceeded the original target was a “positive outcome in a difficult time for raising new capital”.

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