Sagitta Private Equity Partners has raised £105m for its third fund, Sagitta Private Equity Partners III, and secured a 100% management buyout from investment firm Sagitta, of which it was part. The moves coincides with Sagitta Private Equity Partners move to a more institutional investor fund base with this latest fund, although it still has the support of Sagitta’s client base in this latest fund raising.
The change of ownership means Sagitta Private Equity Partners can remain with Sagitta in its Berkeley Square, London offices until the middle of this year and can retain the Sagitta name until the end of the year. In practice, however, Charles Ind, founder and managing director of Sagitta Private Equity, notes that a move and name change are likely to coincide.
Although Sagitta does not own any of the new management company, it retains an economic interest in the business, which will phase out over time. This is unsurprising given that Sagitta Private Equity has taken on the management contracts of its first two funds, which with co-investment vehicles amount to £100m under management.
Three more desks will need to be found shortly as Ind and colleagues have been on the recruiting trail. Three as yet unnamed individuals will join Sagitta at investment director level in the coming months. All three were previously known to the firm.
The fund raising for Sagitta Private Equity Partners III took just eight months in what is widely acknowledged as a challenging fund raising environment. Aside from prior track record Make of investors in the fund includes fund-of-funds (24%), public pension funds (24%), insurance companies (19%), investment managers (19%) and family offices (14%.)