Member Article

NorthEdge reach £225m first close on maiden fund

Private equity fund NorthEdge Capital has reached a final close on its first fund, at the full size of £225m.

The firm is a UK lower middle market private equity company, with a focus on the North of England and offices in Manchester and Leeds.

Having raised funds from 15 global blue-chip investors, including European Investment Fund and CNP Assurances, NorthEdge made one of the largest debut fundraisings in Europe since 2008.

The landmark close means almost a quarter of a billion pounds is now available for investment across the North of England.

NorthEdge’s team in Manchester and Leeds are headed by partners Grant Berry, Andy Ball, Ray Stenton, Dan Wright and Michael Joseph, and have more than 100 years of combined experience in private equity investment.

The equity investors fund target investments between £5m and £35m in businesses with values of between £10m and £100m.

Grant Berry, managing partner, said: “All our investors have shown great confidence in the NorthEdge team and, more importantly, great confidence in the quality of the businesses and advisers based in the North of England.

“In particular, this fundraise has really put the North on the map for institutional investors who look at global investment opportunities, and they have liked what they have seen.

“The North is our home and where our network is, and this is where the investment decisions are taken by the partners.”

NorthEdge completed its first deal in February this year after acquiring a significant stake in FPE Global, a Stockport-based engineering firm with specialisms in high-growth.

Andy Ball, NorthEdge partner and chief investment officer, commented: “Investors have shown a huge appetite for our maiden fund and this Final Close is a very proud moment for us.

“Our team knows the North. It is where we have spent most of our careers, where we live and where we have invested.

“The North remains an economic powerhouse with fantastic businesses, hungry for capital. NorthEdge’s legacy will be in creating a new legion of fast-growing, innovative businesses that are based here with a global outlook.”

The firm reached the first close of its maiden fund at £125m in summer 2012, with UBS acting as sole global placement agent on the fund.

SJ Berwin acted as legal advisor to the fund while Vicky Mudford Ltd provided investor-related advisory services to NorthEdge.

This was posted in Bdaily's Members' News section by Miranda Dobson .