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UK mid-market private equity fund Synova Capital Fund I holds first closing10/12/2007. Source: AltAssets. 
 Synova Capital Fund I, a UK private equity fund focused on the lower mid-market, has held a first closing on over £70m. The fund is expected to close on £100m at the end of January 2008. Synova Capital began raising its first fund in September 2007.
The fund's cornerstone investor is Tamares Capital Corporation, part of the Tamares Group's global investment business led by Poju Zabludowicz. Tamares put in about ten per cent of the capital raised to date. The remaining 90 per cent came from financial institutions, family offices and hedge funds.
Synova Capital Fund I will invest in UK growth opportunities with a particular focus on companies valued at between £10m and £50m, operating in the business and support services, financial services, leisure and healthcare sectors. Synova Capital plans to complete its first two deals in Q1.
Synova Capital was founded by Tamares, Philip Shapiro and David Menton. Prior to this, Shapiro was a senior executive at UK mid-market firm Phoenix Equity Partners, while Menton was responsible for UK private equity opportunities within the Tamares Group.
Zabludowicz, chairman of Synova Capital, said, 'I am confident in the opportunities in the UK mid-market going forward, in terms of both the quality of assets available and the extremely attractive deal-sourcing dynamics. Philip and David have excellent track records and are well positioned to exploit these opportunities.'
Tamares has committed to channel its UK private equity deal flow exclusively through Synova Capital Fund I.
Copyright © 2007 AltAssets
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