Tenzing’s debut fund hits £200 million
London, 18 January 2017 – UK lower mid-market investor, Tenzing, today announces the final close of its debut fundraising. Tenzing Private Equity I L.P. (“Tenzing I” or the “Fund”) targeted commitments of £150m but reached its hard cap, within just three months of the launch, securing commitments of £200m. Evercore Private Funds Group acted as the exclusive Global Placement Agent for the fundraise.
Tenzing I was significantly oversubscribed, attracting commitments from a globally diverse group of institutional investors including UK, European and North American endowments & foundations, family offices, funds of funds, asset managers, private banks and insurance companies. The Fund has been supported by a group of entrepreneurially minded investors who share Tenzing’s vision for investing in the UK SME market and its ambitious management teams.
Tenzing I will target buyout investments in high organic growth UK SMEs valued between £10m and £50m, continuing the firm’s strategy of backing niche market leaders and challenger businesses across a broad range of industry sectors. The firm believes in supporting, inspiring and investing alongside high energy, high performance management teams with which it has a shared vision.
Guy Gillon, co-founder and joint Managing Partner, Tenzing, commented: “The whole Tenzing team is delighted that such an international and ‘blue chip’ investor base shares our conviction for investing in the highly attractive UK lower mid-market. We thank our investors for their support and look forward to continuing to work with many more ambitious management teams whose goals we believe we can uniquely support through our growth ecosystem.”
Richard Anthony, CEO of Evercore’s Private Funds Group, commented: “We are thrilled with the exceptional success of Tenzing’s inaugural fundraise. The level of investor demand, as well LPs’ willingness to commit early to secure an allocation, speak to the superb pedigree of the Tenzing team: in particular the outstanding personal track records of the Partners, their distinctive investment strategy and the unique approach to partnering with entrepreneurs.”
Evercore Private Funds Group acted as Global Placement Agent and Proskauer Rose (UK) LLP acted as Legal Counsel to Tenzing.
NOTES TO EDITORS
Guy Gillon, Tenzing Private Equity
Tel: +44 (0) 20 3282 7560
Meredith Bourne, Evercore Private Funds Group
Tel: +44 (0) 207-290-3289
About Tenzing Private Equity: Tenzing Private Equity is an independent private equity firm, based in London, that invests in high growth businesses across the UK and Ireland. Founded in January 2015, the firm invests in niche market leaders and challenger businesses across a broad range of industry sectors.
The firm believes in supporting, inspiring and investing alongside high energy, high performance management teams with which it has a shared vision. Tenzing has unique access to a select group of founder entrepreneurs who have founded and grown some of the best lower middle market SMEs through multiple successful phases of Private Equity investment. Access to this growth ecosystem provides the Tenzing portfolio companies unrivalled insight, experience and mentoring to support their high growth development.
Tenzing has executed three investments on a deal by deal basis to date. In 2016, Tenzing backed the £30m buyout of FMP Global, the UK independent market leader in International Payroll services. For its domestic clients FMP provides payroll bureau services and mission critical technology solutions to its UK payroll partners.
More information about Tenzing can be found on the Company’s website at www.tenzing.pe.
About Evercore Private Funds Group: Evercore’s Private Funds Group (PFG) provides comprehensive, global advisory services on capital raising for select private fund sponsors. Clients include general partners pursuing a wide spectrum of private markets investments including private equity, private debt, and real assets focused strategies. PFG advises and executes on all aspects of the fundraising process, and serves its clients from offices in London, New York, Houston, San Francisco and Hong Kong. More information about Evercore can be found on the Company’s website at www.evercore.com.
About Proskauer: Proskauer is an international law firm recognised for its excellence both in practicing law and serving clients. We are trusted advisors to many of the world’s top companies, financial institutions, investment funds, not-for-profit institutions, governmental entities and other organisations across industries and borders. With 725+ lawyers in 13 offices and approximately 50 areas of practice, we have the capabilities, experience and creativity to guide our clients through their most important legal and business challenges. Additional information about the firm can be found at www.proskauer.com