Leeds-based private equity firm Endless LLP announced on Monday it has raised its fifth fund, securing £400 million to invest in UK mid-market opportunities.
Endless said it secured the support of global investors including universities, pension funds, family offices and charitable foundations.
The Endless team itself has made a £50 million personal commitment to the fund and is the joint largest single investor in Endless V.
Endless hit its fundraising target in 12 weeks through a process largely carried out by video calls and an on-line dataroom.
Endless managing partner Garry Wilson said: “To be able to raise £400m in 12 weeks without the ability to meet face to face with our investors is a testament to the firm’s track record in the last 15 years and the fact that the volatile current market conditions will bring the best out of the Endless team and our portfolio.
“As we approach our 15th anniversary, this brings total funds raised by Endless to almost £1.4bn.
“Since we founded the firm, we have made more than 80 acquisitions and safeguarded over 40,000 jobs”.
Endless head of investor relations Lucia Villamor said: “The support for this fund has exceeded our expectations, especially given the current uncertainty and the challenges of having to run a virtual fundraising process.
“We are really proud of how our team stepped up to the challenge and need to give our investors a big thank you for the conviction they have shown in our strategy.”
The fundraise rounds off a busy 12 months for Endless, following the acquisitions of Hovis, BSW Timber, Moda Furnishings, Victoria Plum and several bolt-ons as well as the disposals of MTI Technology and Antler Luggage.
Fund V, unlike its predecessor funds, will not invest less than £10 million.
Endless’ SME platform, Enact, led by Chris Cormack, will now increase its maximum investment cheque from £5 million to £10 million.