Matrix Private Equity has achieved the first close of its Matrix Enterprise Fund at GBP1.3 million. The fund aims to achieve a final close with a minimum target of GBP3 million by the end of June.
The new fund will invest in around six companies and has already received several investment proposals including a dental practice chain, a chain of restaurants, a training company, a packaging business and two retailers.
The remit for the Enterprise fund is in lower risk opportunities, says Ashley Broomberg of the group. “The fund is generalist and will be committing to well-established companies seeking development capital, as well as to small MBOs and MBIs.” The fund will typically invest in funding rounds of between GBP1 million and GBP10 million, in companies that have generated revenue and have an attractive and growing pipeline of customers. The main focus of the fund will be on the UK and continental Europe.
Matrix Private Equity was set up in March 2000 and is part of the financial services group, Matrix Group. “The idea is that we will roll out funds regularly,” says Broomberg. “What we really want to do is to prove the model that we have is a very strong one.” The new fund will benefit from the experience of two seasoned private equity players in its senior management team. Managing director Mark Burgess was previously finance director at Cinven and Helen Sinclair boasts seven years at 3i, having won the BVCA Small Start-Up of the Year Award twice.
Matrix Private Equity’s first fund was the Matrix Venture Fund, a GBP13 million VCT investing in fast growing technology companies in the fields of new technology, including the Internet, e-business, information technology, telecommunications and media.