Mid-market private equity firm Gresham has announced an interim close on its Gresham III fund. The fund has so far raised a total of £153m from 11 investors and hopes to reach its target of £200m by early 2004.
Paul Marson-Smith, chief executive of Gresham, said: “We are delighted that Gresham III has reached this interim close so quickly, particularly in the current environment, and we are now rapidly approaching our £200m target.”
Following its spinout from Zurich Financial Services in February 2003 Gresham has focused on building a strong and diverse investor base. The £153m has been committed by pension funds, fund-of-funds and other institutions in the UK and Europe. Zurich remains an investor in the group.
Gresham invests in lower mid-market management buyouts with deals ranging from £5m to £75m. Recent deals include the £7m MBI/MBO of the IT support services firm 2escape2, the £20m expansion funding for 1st Credit and the £25m management buyout for Altair Filter Technology.