SEP Raises ?200 Million for New Growth Equity and Venture Fund
Poster: SySAdmin
Posted on January 5, 2012 at 3:35:01 AM
SEP Raises GBP200 Million for New Growth Equity and Venture Fund
GLASGOW, Scotland and LONDON, January 5, 2012/PRNewswire/ --
Scottish Equity Partners Kicks Off New Year With Fundraising Success
Scottish Equity Partners (SEP) today announced the successful close of its new growth
equity and venture capital fund, SEP IV, confirming that it had reached its GBP200 million
target by the end of 2011.
The fund, which ranks as one of the largest raised in Europe over the last year,
attracted very strong support, defying the generally difficult climate for private equity
fundraisings. SEP's existing investors accounted for 80% of the total raised.
Approximately half of the fund was accounted for by UK-based investors, with the remaining
50% coming from investors based in Europe and the United States.
Investors in SEP IV include pension funds, which account for almost 60% of the total
raised, fund-of-fund investors, family offices and corporates. The fund is 30% bigger than
SEP's previous fund. SEP will use the capital it has raised to provide growth equity and
venture funding to high growth UK technology and technology-related companies.
SEP Managing Partner Calum Paterson said: "We are grateful for the continued support
of our long-standing existing investors and to have secured high quality new limited
partners, particularly in the current economic climate. The fundraising reflects well on
the hard work and commitment of our team. It is also testament to the collective endeavors
and successes of the companies we have backed."
Paterson added: "There is a growing recognition of the positive role that experienced
and long term equity investors can play in building successful businesses, especially at a
time when for many companies bank funding continues to be conspicuous by its absence. This
new fund will allow us to continue to support the growth of innovative and ambitious UK
companies. We have already identified a number of interesting investment opportunities for
2012, but we will maintain a disciplined approach and ensure that we continue to select
and value our investments carefully."
The conclusion of fundraising for SEP IV underpinned a successful year for SEP in
2011. As well as making a number of new investments, it achieved several very significant
exits from its portfolio. These included the sale of pioneering cancer therapeutic company
Biovex to US pharmaceutical giant Amgen in a $1 billion deal, and a return of 12 times its
investment in Zeus Technology which was acquired by Riverbed Technology in a $140m deal.
SEP's current portfolio companies, which are predominantly based in the UK, employ
more than 2,000 people in aggregate and include some of the UK's fastest-growing
technology businesses.
The investment range for SEP IV is between GBP5 million and GBP20 million for growth
capital and between GBP2 million and GBP10 million for venture capital opportunities and
the geographic focus is the UK.
Notes to Editors:
About Scottish Equity Partners
Scottish Equity Partners (SEP) is a leading independent, owner-managed growth equity
and venture capital firm with a 20 year track record of successful investing. Operating
from offices in London and Glasgow it invests in innovative, high growth potential
companies in the IT, healthcare and energy sectors. With significant funds available and
an integrated investment team, SEP has the resource and experience to add value from
investment through to exit and has been selected as the partner of choice by many of the
UK's leading technology companies.
Recent portfolio exits include the sale of web traffic management company Zeus
Technology to Riverbed Technology Inc (NASDAQ: RVBD) for a total price of up to $140m,
recently named Best Venture Investment of the Year. SEP also sold multimedia home
networking company Gigle Networks to Broadcom Corp (NASDAQ: BRCM). SEP also exited from
cancer therapy company BioVex which was acquired by Amgen Inc. (NASDAQ: AMGN, SEHK: 4332)
in a deal worth $1bn which earned SEP the Venture Deal of the Year award in the Unquote
British Private Equity Awards 2011.
SEP's current portfolio comprises high growth companies Media Ingenuity
(http://www.mediaingenuity.com) a specialist in online marketing services and
technology for the financial services sector; managed IT services provider Control Circle
(http://www.controlcircle.com); flight search engine Skyscanner (
http://www.skyscanner.net); wireless communications leader ipaccess (
http://www.ipaccess.com); IT analytics company Sumerian (http://www.sumerian.com);
Cmed (http://www.cmedgroup.com) which combines full clinical research services with
advanced clinical data capture and management technology; and healthcare informatics
company Aridhia (http://www.aridhia.com).
For more info visit http://www.sep.co.uk
Source: Scottish Equity Partners
SEP Media Contact: Valerie Darroch, E: valerie.darroch@sep.co.uk, T: + 44(0)7970-737708
GLASGOW, Scotland and LONDON, January 5, 2012/PRNewswire/ --
Scottish Equity Partners Kicks Off New Year With Fundraising Success
Scottish Equity Partners (SEP) today announced the successful close of its new growth
equity and venture capital fund, SEP IV, confirming that it had reached its GBP200 million
target by the end of 2011.
The fund, which ranks as one of the largest raised in Europe over the last year,
attracted very strong support, defying the generally difficult climate for private equity
fundraisings. SEP's existing investors accounted for 80% of the total raised.
Approximately half of the fund was accounted for by UK-based investors, with the remaining
50% coming from investors based in Europe and the United States.
Investors in SEP IV include pension funds, which account for almost 60% of the total
raised, fund-of-fund investors, family offices and corporates. The fund is 30% bigger than
SEP's previous fund. SEP will use the capital it has raised to provide growth equity and
venture funding to high growth UK technology and technology-related companies.
SEP Managing Partner Calum Paterson said: "We are grateful for the continued support
of our long-standing existing investors and to have secured high quality new limited
partners, particularly in the current economic climate. The fundraising reflects well on
the hard work and commitment of our team. It is also testament to the collective endeavors
and successes of the companies we have backed."
Paterson added: "There is a growing recognition of the positive role that experienced
and long term equity investors can play in building successful businesses, especially at a
time when for many companies bank funding continues to be conspicuous by its absence. This
new fund will allow us to continue to support the growth of innovative and ambitious UK
companies. We have already identified a number of interesting investment opportunities for
2012, but we will maintain a disciplined approach and ensure that we continue to select
and value our investments carefully."
The conclusion of fundraising for SEP IV underpinned a successful year for SEP in
2011. As well as making a number of new investments, it achieved several very significant
exits from its portfolio. These included the sale of pioneering cancer therapeutic company
Biovex to US pharmaceutical giant Amgen in a $1 billion deal, and a return of 12 times its
investment in Zeus Technology which was acquired by Riverbed Technology in a $140m deal.
SEP's current portfolio companies, which are predominantly based in the UK, employ
more than 2,000 people in aggregate and include some of the UK's fastest-growing
technology businesses.
The investment range for SEP IV is between GBP5 million and GBP20 million for growth
capital and between GBP2 million and GBP10 million for venture capital opportunities and
the geographic focus is the UK.
Notes to Editors:
About Scottish Equity Partners
Scottish Equity Partners (SEP) is a leading independent, owner-managed growth equity
and venture capital firm with a 20 year track record of successful investing. Operating
from offices in London and Glasgow it invests in innovative, high growth potential
companies in the IT, healthcare and energy sectors. With significant funds available and
an integrated investment team, SEP has the resource and experience to add value from
investment through to exit and has been selected as the partner of choice by many of the
UK's leading technology companies.
Recent portfolio exits include the sale of web traffic management company Zeus
Technology to Riverbed Technology Inc (NASDAQ: RVBD) for a total price of up to $140m,
recently named Best Venture Investment of the Year. SEP also sold multimedia home
networking company Gigle Networks to Broadcom Corp (NASDAQ: BRCM). SEP also exited from
cancer therapy company BioVex which was acquired by Amgen Inc. (NASDAQ: AMGN, SEHK: 4332)
in a deal worth $1bn which earned SEP the Venture Deal of the Year award in the Unquote
British Private Equity Awards 2011.
SEP's current portfolio comprises high growth companies Media Ingenuity
(http://www.mediaingenuity.com) a specialist in online marketing services and
technology for the financial services sector; managed IT services provider Control Circle
(http://www.controlcircle.com); flight search engine Skyscanner (
http://www.skyscanner.net); wireless communications leader ipaccess (
http://www.ipaccess.com); IT analytics company Sumerian (http://www.sumerian.com);
Cmed (http://www.cmedgroup.com) which combines full clinical research services with
advanced clinical data capture and management technology; and healthcare informatics
company Aridhia (http://www.aridhia.com).
For more info visit http://www.sep.co.uk
Source: Scottish Equity Partners
SEP Media Contact: Valerie Darroch, E: valerie.darroch@sep.co.uk, T: + 44(0)7970-737708