Apiary Capital Managing Partner Mark Salter announced the firm has closed a second fund, Apiary Capital Partners II, at £240 million, which was substantially above the target. The fund had received significant support from existing LPs and welcomed several new institutional investors. The Fund II LP base includes endowments, foundations, public and private pensions, consultants, funds of funds, and family offices, with around 60% of investors from the US and the balance from the UK and Europe.
Apiary will continue focusing on the UK lower mid-market, targeting asset-light businesses with defensive characteristics across fragmented markets in the Business Services, Financial and Technology Services, Healthcare, and Education sectors. And Apiary’s research-driven and partnership-based origination focuses entirely on proprietary and primary opportunities. And the fund will invest in developing management and organisational infrastructure to create platforms unleashed through roll-ups, roll-outs, or transformative mergers.
Fund II has already completed a significant strategic investment in Carbon Underwriting Limited, a tech-enabled Managing General Underwriter servicing the global insurance industry. And Apiary recently announced the sale of portfolio company, TAG, to ECI realising a return of 4x for Fund I investors.
KEY QUOTE:
“We would like thank our investors for their support. It is particularly gratifying to welcome new names into our investor base who share our view of the attractive opportunities within the resilient UK lower mid-market, and our ability to deliver compelling returns.”
- Mark Salter
