We’re delighted to announce the close of Tenzing Belay L.P. (“Belay”). Belay provides Tenzing with additional capital, allowing us to underwrite equity investments of c.£150m in businesses across the UK and Northern Europe.
The fund will be a companion to our £400m Fund II and enables us to both invest in larger platforms that meet our strict investment criteria, and provide significant funding to our portfolio companies.
Now, with c.£750m of assets under management, we will continue our strategy of backing the best tech businesses in the UK and Northern Europe, with the ambition of transforming them into global powerhouses.
We target buyout investments in high growth businesses valued between £10m and £200m, with equity investments between £10m and £150m. And we believe in supporting, inspiring and investing alongside high-energy, high-performance management teams who can call on our entrepreneur-led growth team to accelerate growth and value creation.
Belay was raised exclusively via our existing investor base, a diverse group of institutional investors spanning the UK, Europe, North America and Asia.
Guy Gillon, Co-Founder and Managing Partner of Tenzing, said: “We’re so pleased that our investors have again demonstrated their support in Tenzing’s strategy, the Northern European tech market, and most importantly, the entrepreneurs and management teams we work with.”
Over the past 12 months, we’ve made three new platform investments and delivered a 5.6x return for investors when we exited Smoothwall. We’ve also supported our portfolio companies with eight bolt-ons and recently announced our expansion into the Nordics.