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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE UK fund Darwin Private Equity I holds third closing10/04/2008. Source: AltAssets. 
UK lower mid-market private equity firm Darwin Private Equity has completed the third closing of its inaugural fund, Darwin Private Equity I, with commitments totalling £207m. The target of the fund is £250m. Darwin announced a first closing in March 2007 after receiving a £50m cornerstone commitment from publicly-quoted investment trust RIT Capital Partners, which is chaired by Lord Jacob Rothschild.
Investors who have committed to the fund since the second closing include AIG Investments, LGT Capital Partners and Ilmarinen. Other investors include Goldman Sachs and Pantheon Ventures.
Darwin invests in UK-based businesses with enterprise values of between £10m and £100m. In December 2007, the firm completed its first investment when it acquired sports nutrition company Maximuscle.
Jonathan Kaye, partner at Darwin, said, 'We are delighted with the support we have received from the investor community and are looking forward to a final close of the fund over the coming months.'
Darwin was founded in 2007 by Derek Elliott and Kevin Street, both formerly of Permira, and Jonathan Kaye, who used to be at CVC.
Darwin now has a team of seven investment professionals, having recently added two new professionals. David Coombs has joined from Morgan Stanley, where he was an associate in the investment banking division. Paul Burton will start his job at Darwin next month, after working for PPM Capital as an investment manager focused on mid-market buy-outs.
Copyright © 2008 AltAssets
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