Bowmark Capital raises £600m to fund London startups
Mid-market private equity firm Bowmark Capital has closed a £600m fund, reaching its target in just 10 weeks.
The new fund, referred to as Bowmark Capital Partners VI, has solidified London's position as a leading investment ecosystem.
Managing partner Charles Ind commented on what the news means for the capital: “The success of the fund-raising demonstrates that the UK remains an attractive market for private equity, notwithstanding current Brexit uncertainties.” He added that the fund it an extension of Bowmark’s investment strategy, which focuses on long term value return.
A massive 94 per cent of the capital was committed by previous investors, who contributed to Bowmark’s previous £375m fund.
23 institutional investors from across Europe, North America, UK and elsewhere in the world added to this latest fund, which will be invested in UK mid-market companies with domestic and international growth potential. Bowmark typically searches for companies worth up to £200m, including technology-enabled B2B service companies.
Ind added: “We are immensely grateful to our investors for the confidence they have placed in us, and for their hard work in enabling the fund-raising to be completed so efficiently.”
Bowmark boasts a varied portfolio, including rental provider Nexus, Latin American restaurant chain, Las Iguanas, independent TV programme production company, RDF and legal researcher Law Business Research, to name a few.