Zeus Private Equity announces second close

Zeus Private Equity (ZPE) has had a successful second closing on its maiden private equity fund, Zeus Private Equity Fund LP. ZPE, which is based in Manchester, has secured commitments of circa £65million from a series of institutional and private investors.

The fund now has commitments from 12 institutional investors based in the UK, wider Europe and the US. Established institutional investors include Hermes, Alliance & Leicester and several local authority pension funds as well as a major UK insurance group, a major European bank and a US family office.

ZPE has also secured commitments from more than 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 deal flow and sounding board for the fund.

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

Deal flow has been very strong during 2007 and ZPE are in due diligence on their first deal which is expected to complete in early July. They also have offers out on 3 other potential deals. ZPE are also in discussions with several people who are keen to join the firm and they are hopeful that several appointments will be made in the coming months.

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 flotation last year resulted in a cash multiple return of 8x and an IRR of 140%.

ZPE seeks to invest in 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.

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