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UK firm Rutland Partners closes second fund on £322m25/07/2007. Source: AltAssets. 
 UK mid-market private equity firm Rutland Partners has closed its second fund, Rutland Fund II, on £322m - above its £250m target. A first closing was held on £312m in December 2006, following four months of fundraising, the firm said.
The final closing was concurrent with a commitment of £10m from New Star Private Equity Investment Trust, the successor vehicle arising from the recent merger of August Equity Trust and Rutland Trust.
Other commitments were received from investors including pension funds, funds of funds, insurance companies, endowments and foundations, based in the UK, Europe and North America.
Rutland Fund II will continue with the same investment focus as the £210m first fund which is to invest in UK-based companies and actively engage to address underperformance, the need to restructure or to assist with strategic change.
Rutland Partners considers all later stage transaction types across multiple business sectors with the exception of IT and property.
Rutland Fund II has invested in Attends Healthcare, a manufacturer and supplier of branded and own label healthcare products.
Investments in Rutland Fund I include Wolstenholme, a manufacturer of pigments and coatings for the print and plastics industries and a distributor of print supplies; Edinburgh Woollen Mill, a clothing retailer with outlets throughout the UK; Interfloor, a manufacturer of underlays for carpets and laminated flooring; The Music Group, a specialist in the manufacture and distribution of musical instruments and accessories; Carron Energy, the owner of a coal-fired power station at Newport, South Wales; Harvey & Thompson and Svensk Pantbelåning, pawnbroking chains in the UK and Sweden; Advantage Healthcare, a flexible healthcare staffing business; and NoteMachine, an ATM operator with over 6,000 cash machines throughout the UK.
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