Northcote Equity has closed its second fund at £250m, just 10 weeks after launching the fundraise.
The close comes less than two years after the private equity firm was founded and saw existing investors collectively re-commit more than 100% of their capital from Northcote’s first fund, alongside several new limited partners across Europe and North America.
Since launching, Northcote has completed five platform investments through its first fund, including RDC Aviation, Nuvo Accountancy, AmplifyME, Lockhart Capital Management and Aquila Learning.
Fund II will continue the firm’s strategy of investing £10m–£40m of equity in founder-led technology and services businesses across the UK and Ireland. Northcote said it will invest through both minority and majority positions, partnering with founders and management teams to support business growth.
The £250m close brings the firm’s total capital raised across its two funds to £410m.
Charles Dale, co-founder of Northcote, said: “We’re extremely grateful for the trust our investors continue to place in us and we’re delighted to welcome a select group of new partners for the next chapter. Fund II gives us the capacity to do more of what we set out to do from day one: back outstanding founders, build enduring relationships and support ambitious businesses as they grow.”
Scott Fairlie, co-founder of Northcote, said: “Our vision from the outset has been to seek out and support the very best founder-owned businesses across the UK and Ireland. That focus remains unchanged and has resonated strongly with our investors. We’ve had an exciting first two years, with Fund II, we’re looking forward to building on that momentum and partnering with more exceptional founders and businesses.”
