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Graphite Capital UK buy-out fund reaches £375m

London-based Graphite Capital Management, the former private equity unit of Foreign & Colonial Management, has raised £375m for UK buy-out investments, exceeding its £300m target.

Graphite invests in companies to the value of £100m. Previous acquisitions include the Jane Norman fashion retail chain for £70m, Napier Industries for £25m and the Range Cooker Company for £25m.

Graphite successfully exited 38 companies between 1990 and 2001, generating £330m from £110m of investment, according to a report by Bloomberg. The firm's exits were made through IPOs, accounting for 15 of the 38 sales, and trade deals, accounting for the remaining 23.

Graphite lost £12m during the same period when four of its portfolio companies went bust.

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