Primary Capital has reached a final closing of its third buyout fund, Primary III, at its hard cap of £200m. Investors in Primary III include insurance and life companies, corporate and local authority pension funds, fund-of funds, endowments and high net worth individuals. Just over 40% of the fund was raised from UK investors, 35% from the US and the balance from continental Europe. Three quarters of the 19 investors who committed to the latest fund were existing investors, many of who substantially increased the size of their commitments to the latest fund.
The fundraising was launched in October last year, with an initial close in December to accommodate Limited Partners investing out of their 2005 allocations. The fund held a final close on March 30, 2006, after the previous fund, Primary Capital II, made its final platform investment, into mobile phone content provider FoneStarz Media Group.