August Equity closes fifth fund at £300m and completes on first deal

August Equity has closed its fifth fund (“AEP V”) at £300m.

The fund was significantly oversubscribed, with more than 40% of the committed capital coming from North America, including pension funds and endowments.

Philip Rattle, Managing Partner said: “It was an interesting time to be raising. We had conversations going with a large number of investors who were attracted. They liked the strategy and people were very positive about our performance in the past three funds.”

AEP V will look to make ten investments into service-led businesses. The fund will invest between £15m and £40m of equity into companies making between £1-5m EBITDA.

AEP V made its first investment into Air IT, a provider of managed IT support, digital transformation services and cyber security to SMEs. The business has c.500 customers and had a compound annual growth rate of 28%.

Commenting on the new investment Mr Rattle said “Industry providers typically focus on larger enterprises, yet the SME market is showing a trend towards outsourcing a lot of its IT, from cyber security to managed services.”

The deal team for Air IT was led by Mehul (Mickey) Patel with support from Richard Muckle, Sam Hardy and Angus Duthie-Jackson.

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