UK-based investment group Mercia Technologies PLC has held the first closing of EV Growth II with initial commitments totalling £45.1m.
Jonathan Diggines (photo), Executive Director of Mercia Technologies PLC, has been instrumental in raising the fund. Commitments came from institutions and private individuals, including three Mercia Fund Managers team members, who will be responsible for managing the new fund, and who were instrumental in managing its predecessor fund, EVG I.
Earlier this year, the firm reported two exits from the predecessor fund portfolio including ChargePoint Technology, Barber DTS and the partial exit from Woodall Nicholson, which together delivered an aggregate return of 4.6x to investors.
Led by Wayne Thomas, the new fund will make investments of up to £5m in established SMEs that are looking to grow, with a focus on management buyouts and replacement capital. The team will work with Operational Partners Warwick Ley and Brian Davidson, who have both made individual commitments to the fund.