Livingbridge raises $600 mln after stretch of deals

The lower-middle-market GP Livingbridge saw recent success on the fundraising trail with nearly $600 million for its latest buyout pool, after a run of sultry summertime deal-making.

The London shop disclosed $598 million and a target of $830 million for Livingbridge 6 LP, a filing shows.

A spokesman for the firm declined comment.

Although the firm focuses on the United Kingdom, its investor base includes U.S.-based LPs, a source said.

Last fall, the firm wrapped up Livingbridge Enterprise 2 fund with about $332 million in commitments.

Livingbridge and ECI Partners generated a 3.4x return on the sale of corporate-travel-management company Reed & Mackay to Inflexion, in August.

In June, Livingbridge exited Onyx, an IT-infrastructure-services provider, in a sale to the U.K. technology company Pulsant.

Also in June, it took a minority stake in Southern Communications, and exited insurance broker Kingsbridge Risk Solutions in a management buyout backed by Dunedin LLP.

Livingbridge was formerly known as Isis Equity Partners. It rebranded in 2014 because of the name’s resemblance to a shorthand for the terror group Islamic State.

Prior to Livingbridge 6, the firm raised five flagship funds under the name Isis. Isis Fund V closed on 360 million pounds ($468.4 million) in 2012.

Livingbridge was originally spun out of F&C Asset Management in 2005. Bank of Montreal paid $1.2 billion for F&C in 2014.

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