– CBPE Capital LLP (“CBPE”) finalized the close of CBPE Fund XI at £714 million, reaching its hard cap.
– The fundraise was significantly oversubscribed, closing within four months of launch.
– Fund XI represents a 27% increase from CBPE Capital Fund X, which closed at £561 million in November 2020.
– Strong support came from existing investors and select new investors with longstanding relationships.
– New capital commitments diversified CBPE’s investor base, strengthening markets like the US and Nordics and adding new investors from Australia.
– Fund XI continues CBPE’s strategy of investing in primary buyouts, targeting UK & Ireland businesses with enterprise values up to £175 million.
– CBPE follows a high-conviction, low-volume investment approach with disciplined pricing and ambitious value creation plans.
– Core sectors include Business Services, Financial Services, Healthcare & Pharmaceuticals, Industrials, and Technology.
– Ian Moore, Managing Partner, CBPE: “We are incredibly grateful to both our existing and new investors for their strong support in Fund XI. The high re-up rate and interest from new geographies reflect confidence in our focused investment strategy and strong track record.”
– Laura West, Head of Investor Relations, CBPE: “A huge thank you to all of our limited partners for their conviction in CBPE’s strategy and culture, and for their continued trust in us.”
– Over the past six months, CBPE completed four new platform acquisitions:
– Intellectual property firm HGF
– Clinical homecare services business HealthNet Homecare
– Wealth management firm Clifton Asset Management
– Legal services provider HF
– CBPE also exited Centralis, generating a 5.3x MoC.
– Since becoming independent in 2008, CBPE has delivered a 3.4x gross MoC and an average realised gross IRR of 31.3% across 20 exits.
– In the last twelve months, CBPE completed three exits, with Fund IX’s first seven exits achieving a blended 5.2x MoC.
– Fund XI secured commitments from a global network of institutional investors, including insurance companies, pension funds, sovereign wealth funds, family offices, asset managers, endowments, and foundations.
– CBPE was advised by Rede Partners LLP on fundraising, with Macfarlanes serving as legal counsel.
