Insight

UK PE firm Synova wraps up fifth fund

Synova V will invest in growth companies within the tech, business services, financial services and health and education sectors.

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  • In addition to opportunities in the UK and Ireland, Synova will also target continental Europe
  • The limited partners include existing investors who increased their commitments by over 50 percent on average as well as select new investors
  • Rede Partners advised Synova while Macfarlanes LLP provided legal counsel

UK-based private equity firm Synova has closed its fifth fund at a hard cap of 875 million pounds, beating its original target of 750 million pounds.

Synova V will invest in growth companies within the tech, business services, financial services and health and education sectors. In addition to opportunities in the UK and Ireland, Synova targets continental Europe.

The limited partners include existing investors who increased their commitments by over 50 percent on average as well as select new investors.

Rede Partners advised Synova while Macfarlanes LLP provided legal counsel.

On the fundraising, Synova co-founders Philip Shapiro and David Menton, said in a statement: “We are humbled by the speed and success of this fundraise, which we believe reflects the strength of the Synova model, the talent within our team, and the strong partnerships we have built with investors over the years.”

Synova V will more than double Synova’s deployable capital, following on from Synova IV which closed in 2019 at 365 million pounds. Currently, Synova’s total assets under management is 1.7 billion pounds.