King & Wood Mallesons has advised Lonsdale Capital Partners LLP on the close of its first fund at its target and hard-cap amount of £110 million after nine months of fundraising.
Lonsdale’s first fund, Lonsdale Capital Partners LLP has attracted interest from a close-knit group of investors from Europe and the US, of which 80% comprise pension funds, fund of funds and family offices. The remaining 20% has been committed by HNW individuals from Lonsdale’s network, many of whom previously participated in deal-by-deal investments led by Lonsdale, as well as the firm’s own partners.
Lonsdale’s fund will continue to invest at the smaller end of the mid-market, in UK and European companies with an enterprise value of between £10 million – £50 million. Lonsdale will invest £10-15 million of equity (including add-on acquisitions) per transaction, taking a majority stake in strong, proven businesses.
The founding partners of Lonsdale, commented, “We are very pleased to have this support from both our existing long-term investors, and also several new investor relationships from Europe and the US. We are now actively looking to invest in UK and European cash generative businesses and already have a strong pipeline of opportunities to explore.”
Warren Allan, International Funds partner at King & Wood Mallesons, said, “This was a very swift and successful fund-raising. Although this is Lonsdale’s first fund, the manager has an experienced team which won the backing of many high-calibre global institutional investors. KWM was well placed to assist Lonsdale with our wide-ranging experience of market terms and comprehensive coverage of the relevant legal issues.”
King & Wood Mallesons has advised Lonsdale since 2010. Lonsdale was founded in 2008 by Alan Dargan, Ross Finegan and David Gasparro who combined their experience of the private equity, advisory and asset management sectors.
The full King & Wood Mallesons team was led by International Funds partner Warren Allan, with Managing Associate Rob Mailer, and Tax partner Laura Charkin.