True Capital successfully closes its second buyout and growth fund

Thursday 27 April, 2017

True Capital can announce that it has successfully closed its second buyout and growth fund at £110m, coming just 16 months after completing the raising of its first fund.

Fund II, which closed materially ahead of its £75m target, was supported by an international group of existing and new LPs, including Adveq, the leading European fund of funds, and corporate and state pension funds from the UK, endowment funds from the US and, importantly, globally relevant retail and consumer sector family offices. The support of such a blue-chip investor base provides True Capital with access to considerable co-investment funding and a strong platform for future growth.

True Capital, which also operates its own retail sector specialist innovation hub, TrueStart, will manage a concentrated portfolio of investments and continue to make equity investments of £10m – £40m in businesses whose models are compatible with the future landscape of a rapidly changing retail and consumer industry.

The fundraise was achieved without a placement agent and with the significant support of all leading Fund I investors, taking True’s total funds under management to c. £200m. True Capital was advised by Jones Day, a leading global law firm and long term partner of the firm.

Matt Truman, CEO of True Capital: “The firm has made exceptional progress in the last two years. We have developed a platform that institutionalises the competencies that we firmly believe all private equity firms will require over the next several decades; genuine sector expertise, a global network of talent and a sustainable understanding of innovation and change."