The partners of corporate finance firm, Dow Schofield Watts have reached a first close on their first private equity fund, PHD Equity Partners Fund No. 1 LP.
The Fund has raised £4.68 million to date. A final close is expected by the end of 2009. The Fund will be capped at £10 million and will be open to external investors. The existing commitments are from all of the partners of Dow Schofield Watts LLP, Lord Daresbury (Chairman of the Fund) and a significant number of high net worth individuals.
The Fund will make most of its initial investments in the £250,000 to £1 million range. Once it is fully invested, the Fund is expected to comprise a portfolio of approximately 12 investments. The Fund will focus on buyouts in the £2-10 million transaction size range in established businesses but will also invest in larger transactions through co-investment opportunities with other private equity funds.
The fund has already made two investments. The investments include a co-investment with a North-West based fund and a London based BIMBO.
Legal advisors to the fund are O’Connors LLP.
James Dow said:
“We are delighted to be launching our first private equity fund and to have achieved a first close in a challenging environment for fund-raising. The commitments received to date and the interest from potential investors is testament to the track record we have built within our highly regarded corporate finance advisory business.”