The significant investor demand, and the speed with which the fund was raised, belied the concerns raised in some quarters that institutional investment in the UK would be impacted negatively by Brexit uncertainties.
Bowmark Capital Partners VI was supported by 23 institutional investors, with 44 per cent of the capital coming from Continental Europe, 35 per cent from North America, 5 per cent from the UK and 16 per cent from other countries. Overall, pension funds committed 33 per cent and insurance companies 26 per cent, with 19 per cent coming from funds-of-funds, 12 per cent from other financial institutions and 10 per cent from endowments, foundations and family offices.
The fund will continue Bowmark’s proven strategy of active investment in growth-oriented mid-market companies, typically with enterprise values of up to £200 million, including technology-enabled B2B service companies and businesses with potential for both domestic and international growth.
This latest fund-raising follows a highly successful 12 months for Bowmark, during which it has invested in ASK4, the leading internet solutions provider, LOD, the fast-growing alternative legal services provider, and The Instant Group, a global leader in independent workspace solutions. During this period, it has also successfully realised investments in Law Business Research, the legal data and research provider, and Nexus, the UK’s leading corporate vehicle rental provider, as well as continuing to strengthen its growing investment team.
Charles Ind, managing partner, commented: “We are immensely grateful to our investors for the confidence they have placed in us, and for their hard work in enabling the fund-raising to be completed so efficiently.
“The success of the fund-raising demonstrates that the UK remains an attractive market for private equity, notwithstanding current Brexit uncertainties. It is also a validation of Bowmark’s growth-oriented investment strategy and focus on long-term value creation, which have delivered exceptional returns across multiple economic cycles.”
Campbell Lutyens acted as exclusive financial adviser on the fund-raising. Stephenson Harwood acted as UK legal adviser and Pepper Hamilton as US legal adviser.
This press release is for informational purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of Bowmark Capital Partners VI, L.P. This press release is being issued pursuant to and in accordance with rule 135e under the U.S. Securities Act of 1933, as amended (the “Securities Act”).
This press release does not constitute an offer to sell or the solicitation of an offer to buy Interests in Bowmark Capital Partners VI (the “Interests”) or any other security in any jurisdiction and shall, in any circumstance, not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The Interests are being offered by means of an information memorandum and an addendum thereto.
The Interests have not been and will not be registered under the U.S. Securities Act, or any U.S. State securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state and local securities laws. Accordingly, the Interests are being offered and sold (i) in the United States only to qualified investors in accordance with Rule 506 of Regulation D under the Securities Act and (ii) outside the United States in accordance with Regulation S under the Securities Act. Although Bowmark Capital Partners VI has no intention to conduct any public offering of the Interests in the United States or to register the Interests under the Securities Act, any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Bowmark Capital Partners VI and that will contain detailed information about Bowmark Capital Partners VI, Bowmark Capital LLP and management thereof, as well as financial statements.