London, 18th 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 of 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 as 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.