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Tenzing locks in £400m for its second fund inside nine weeks

Tenzing locks in £400m for its second fund inside nine weeks

We’re delighted to announce that we’ve held a full and final close at the hard cap of £400m for our second fund, Tenzing Private Equity II (Tenzing II). The fund was raised inside nine weeks and is the first buyout fund raised through an entirely virtual process1.

Tenzing II will seek to build upon Tenzing Private Equity I (Tenzing I), focusing on backing inspiring founders with whom we have a shared vision of building high growth, tech and tech-enabled businesses into enduring independent powerhouses. Since we founded the firm, we’ve been captivated by the ambition and ability of these entrepreneurs and love partnering with them to help provide the skill set, resources and capital to realise both their personal ambitions and the potential of their businesses. Tenzing II allows us to invest deeper into such businesses, provide additional firepower to seize their growth opportunities and deliver more unique hands-on support.

The launch of the fund raising came at a globally uncertain and uncomfortable time for everyone and we were not immune to this. We were nervous about starting such a critical chapter in our firm’s development at such an unprecedented time and we couldn’t have contemplated it if it weren’t for the overwhelming support of the Tenzing I investors. They recognised the opportunity, are long term decision-makers and were open-minded to ‘Zooming’ through a significant amount of work in the new virtual world. A big thank you goes to them and Evercore for giving us the confidence to move forward with the launch of Tenzing II.

Our investors, despite the backdrop of four years of Brexit and an impending pandemic-driven recession, share our conviction in the ability of founders and entrepreneurs to build tech and tech-enabled niche market leaders from the UK, Ireland and Northern Europe. This fundraise shows that many high-quality and thoughtful existing and new investors, from East to West, share our vision of what can be achieved out of the UK.

Tenzing II will allow us to continue to develop our entrepreneurial growth ecosystem, optimised by our Entrepreneurs Panel, and delivering hands-on, practical support from people who have laid awake at night, done the worrying and walked the walk.

Christian Hamilton, Founder and Co-Managing Partner said: “We’ve been overwhelmed by the support and vote of confidence that existing and new investors have given us. Cliched as it is, this was a huge team effort where everyone stepped up. Our amazing portfolio companies have performed so well in such a unique and challenging time, and this meant the Tenzing team could dedicate time to the raise and develop ninja-level Zoom skills. We are so excited about the next chapter in the Tenzing journey and are privileged to share the journey with an amazing team. Thank you to everyone.”

This raise rounds off a busy period for us with Charlie Taylor joining the team as Marketing & Community Director and John Messer and Milan Kellner stepping up into the role of Investment Lead.

Evercore Private Funds Group acted as the exclusive Global Placement Agent for the fundraise and Proskauer Rose (UK) LLP acted as Legal Counsel to Tenzing.

NOTES TO EDITORS
Contact:
Guy Gillon, Tenzing
+44 20 3282 7560

About Tenzing: Tenzing is an independent private equity firm, based in London, that targets buyout investments in high growth businesses, valued between £10m and £100m, across the UK and Ireland. Founded in 2015, the firm invests in tech and tech-enabled niche market leaders and challenger businesses.

The firm believes in supporting, inspiring and investing alongside high energy, high performance management teams with which it has a shared vision. Tenzing brings unique access to a select group of entrepreneurs, its Entrepreneurs Panel, who have founded and grown some of the best lower middle market SMEs through multiple successful phases of private equity investment. Access to this entrepreneur-led growth ecosystem provides the Tenzing portfolio companies with unrivalled insight, experience and mentoring to support their high growth development.

1 Source: Preqin

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