Next Wave Partners LLP, a UK based private equity fund manager focused on investing growth capital in the Northern European SME market, is pleased to announce the successful closing of its second fund, an innovatively structured parallel partnership formed to invest alongside its existing fund, raised in 2007.
As a result of the closing, Next Wave has increased its Funds Under Management from £24 million to £51 million and is actively looking to make new investments.
The fundraising, which only commenced in September 2010, was well received by existing and new investors and exceeded its target. The £27 million of new commitments were raised from diverse sources including existing investors following on, institutional investors, large family offices and high net worth individuals.
Next Wave intends to continue its successful strategy of making £2-10 million equity investments in profitable, growing businesses where its Partners’ operational experience can make a real impact. Next Wave will also continue to augment their experienced team. The sector focus includes business, consumer and environmental services.
Jonathan Brod, Founding Partner of Next Wave, said “We are delighted to have more than doubled the size of our funds under management, exceeding our fundraising target, in a short three month fundraising period. This has been made possible by the strong support of our existing investor base and an impressive roster of new institutional investors”.
Stephen Walls, Partner said “The success of this fundraising reflects the strong performance of our portfolio, their management and employees, and the added value our team bring to each investment we make.”
About Next Wave Partners LLP:
Next Wave was founded in 2002 and raised its first external fund in 2007. It has over £50 million funds under management and invests between £2 million and £10 million per company in the business, consumer and environmental services sectors. Its portfolio includes Petainer, a European sustainable packaging manufacturer; Chapco, a property services and outsourcing firm; SPA Future Thinking, a market research agency; ITI, a renewable energy company and Crendo, a Swedish facilities management firm.
Contacts: Jonathan Brod (+ 44 0203 005 7544) and Stephen Walls (+ 44 0203 005 7542)