July 25, 2011
Endless raises £220m for fund III
Endless LLP, the UK Turnaround Fund, has closed its third fund at £220 million only ten weeks after starting its fundraising.
Endless invests in UK-headquartered companies which require operational turnaround, financial restructuring and performance improvement. Key investments in Funds I and II include Crown Paints, Amco Group, The Works retail chain, Peter Black International, Davy Markham and Neville Johnson.
Managing Partner, Garry Wilson, commented: “Endless Funds I and II have delivered top decile returns and this, together with the significant investment directly from the Endless partners and team, provides great confidence to our existing and new investors. The demand for our third fund amazed us and we were disappointed that we could not accommodate some of the blue chip investors who wanted to join us. An increase on our last fund size of 33% will enable us to help even more companies all over the UK in the next few years as economic conditions remain difficult.”
The investor base in Endless now comprises fifteen investors from the USA, mainland Europe and the UK, including pension funds, US universities, fund of funds and family offices.
Darren Forshaw, Partner, commented: “To be raising our third fund in under six years since we launched is great recognition for the team and the quality of our track record over that period. We have remained active in a difficult investing environment and have found ways to deliver returns to our investors. Acquiring loss making, distressed businesses is tough and we are proud that our investments to date have secured the future for more than 10,000 jobs.”
Endless was advised by SJ Berwin (Duncan Woollard) and Walker Morris (Simon Hardcastle). No placement agent was used.