Graphite Capital, a London, UK-based mid-market private equity firm, raised over £470m for its ninth fund.
Existing investors provided 75% of the capital raised by Graphite Capital Partners IX. In total, 25 investors have committed to the fund of which nine are new. The fund has a broad geographical spread, with 44% of commitments coming from the UK, 40% from continental Europe, and the remainder from the US and Japan.
With the new fund, Graphite will maintain its mid-market focus, investing primarily in companies with high growth potential, valued at between £30m and £150m. It will also invest in smaller companies with the potential to expand through the roll-out of new sites.
The fund is likely to make between eight and twelve investments.
Led by managing partners Andy Gray and Markus Golser, Graphite Capital focuses on management buy-outs and also invests in replacement capital, expansion finance and turnaround opportunities.
In September 2013, the firm raised £450m for its eighth fund, Graphite Capital Partners VIII, and also raised a top-up fund of £50m. The fund’s investments include:
– City & County Healthcare Group, a UK home care provider;
– nGAGE, a diversified recruitment business serving a range of niche areas within the public and private sectors;
– ICR, an energy industry repair and maintenance group;
– Trenchard Aviation, a civil aircraft maintenance business focusing on cabin services;
– New World Trading Company, an operator of pub restaurants; and
– Beck & Pollitzer, a market leader in industrial machinery installation and relocation.
Previous fund invested in a wide variety of businesses including:
- Kurt Geiger, a luxury shoe retailer;
- Alexander Mann Solutions, the global market leader in recruitment process outsourcing;
- Education Personnel, a provider of supply teachers and teaching assistants to state schools in the UK; and
- London Square, a house-builder focused on prime sites within the M25.