Kaupthing fund in administration

Kaupthing’s UK buyouts fund KCPII Master has been taken over by adminstrators.

The recently nationalized Icelandic bank raised £500m in 2007, which will now be managed by per centE Investors as appointed by administrators Smith & Williamson.

KCPII Master owns a 22% stake in listed cash and carry group Booker, as well as stakes in fashion retailer Phase Eight, ADP Healthcare, a chain of dentists and DLG, a marketing business.