07 Jun 2016 Ashurst advises Inflexion Private Equity on Simultaneous Double Fund-Raising
Ashurst's investment funds group advised Inflexion Private Equity on the simultaneous first and final closings of two new private equity funds.
Inflexion Enterprise Fund IV and Inflexion Supplemental Fund IV each raised £250m from Inflexion's existing client base of institutional investors from across Europe, the US and Asia.
Both funds reached their hard caps in a single closing on 27 May 2016, within just eight weeks of launch. In keeping with previous fundraisings, the Inflexion and Ashurst teams worked together extremely closely to deliver the fund-raisings on the planned closing date, at the hard cap and without the support of a placement agent.
Inflexion Enterprise Fund IV represents the fourth generation of Inflexion funds focused on the UK lower mid-market, and will continue Inflexion's strategy of backing high growth, entrepreneurial businesses with ambitious management teams and working in partnership with them to accelerate growth. The Enterprise Fund will invest equity of £10m to £20m for majority or minority stakes in established businesses.
Inflexion Supplemental Fund IV will invest alongside Inflexion Buyout Fund IV, a £650m fund, and Inflexion Partnership Capital Fund I, a £400m fund, on which Ashurst previously advised Inflexion. The Supplemental Fund gives Inflexion the firepower to co-invest alongside its larger buyout and partnership capital investments.
Piers Warburton, investment funds partner, led an international Ashurst team, which involved specialist lawyers from Ashurst's London, New York and Washington offices. The team included partners Alexander Cox and Steve Kopp (tax), partners Jake Green and Margaret Sheehan (regulatory/securities law), partner Tae Jeon (finance/ERISA), counsel Alastair Ladkin (tax), senior associate Ming da Wang (funds), associates Alastair King and Danielle Chib (funds), and associate Emily Torrens (regulatory). Carey Olsen advised on Guernsey law matters.
Piers Warburton commented "This was a textbook fund-raising project. It was one of the fastest moving fund formations I have been involved in, and delivering the closings on time required meticulous planning, precise execution and the closest possible co-ordination between the Ashurst and Inflexion teams".
The Ashurst funds group has advised Inflexion on all four generations of their funds, including the previous simultaneous double fund raising of Inflexion Buyout Fund IV and Inflexion Partnership Capital Fund I in 2014. The team has also won numerous awards for fund-raisings on which it has advised over recent years, including:
- Law Firm of the Year - Europe, Private Debt Investor Awards 2016
- Law Firm of the Year - Fund Structuring, unquote British Private Equity Awards 2015
- A "standout" ranking for Corporate and Commercial, FT Innovative Lawyers Awards 2015
- Funds Team of the Year, The Lawyer Awards 2014