Zeus Private Equity announces first close of fund

Zeus Private Equity (ZPE) has had a successful first closing on its maiden private equity fund, Zeus Private Equity Fund LP. ZPE, which is based in Manchester, has secured commitments of circa £50million from a series of institutional and private investors.

Investors in the first close count established institutional investors including Hermes, Alliance & Leicester Commercial Bank and several local authority pension funds.

ZPE has also secured commitments from some 30 private investors, each of whom has been a successful entrepreneur. In addition to their significant financial commitments these entrepreneurs will also act a source of dealflow.

ZPE, which is seeking to raise £100 million, is planning to have a further closing in the first quarter of 2007.

Notes
ZPE was formed at the end of 2005 by Gary Tipper, Ed Fazakerley and Tony Dickin who previously worked together at Aberdeen Murray Johnstone Private Equity where they made numerous lower middle market private investments such as Styles & Wood whose recent flotation resulted in a cash multiple return of 8x.

ZPE seeks to invest in established companies with an enterprise value of up to £50 million based in the UK regions that have a strong regional brand or franchise that are capable of being developed into a national business. In addition to its Manchester base, ZPE has a London office focused on the Southern regions.

ZPE are already looking at several deals and hope to complete their first investment in the coming months.

ZPE are also in the process of adding to the team with recruitments in both their Manchester and London offices.

Christian Dummett of Corris Capital, who was previously Head of Merrill Lynch’s private equity fundraising team in Europe is advising on the fundraising.

Legal advisors to the fund are SJ Berwin.

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