24 Jul 2007 Rutland Announces Final Close on Second Fund at £322M
Rutland Partners announces that it has successfully closed its second fund, Rutland Fund II, at £322 million. Rutland Fund II had a target of £250 million and held a first close at £312 million in December 2006 following four months of fundraising. The final close was concurrent with a commitment of £10 million from New Star Private Equity Investment Trust PLC, the successor vehicle arising from the recent merger of August Equity Trust PLC and Rutland Trust PLC.
Commitments were received from a wide range of investors including pension funds, funds of funds, insurance companies, endowments and foundations from the UK, Europe and North America.
Rutland Fund II will continue with the same investment focus as the 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.
Credit Suisse acted as placement agent for Rutland Fund II with Kirkland & Ellis International acting as legal advisers.
Michael Langdon, Chairman, commented:
“The high level of interest we have received from investors is a strong endorsement of our niche investment focus and the long-term stability of the Rutland Partners team. Although over-subscribed, we have achieved an excellent blend of investors for our second fund and we look forward to the challenge ahead.”