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Laxman Pai, Opalesque Asia: Growth investment major PSG has closed its inaugural European fund, PSG Europe, on its €1.25bn ($1.5 billion) hard-cap.
The fund, which was oversubscribed, received commitments from existing and new PSG investors, including state pension funds, sovereign wealth funds, family offices, and high net worth individuals, said a press release from the growth equity firm partnering with lower middle-market software and technology-enabled service companies.
The final close of PSG Europe brings PSG's aggregate capital commitments across the U.S. and Europe to more than $5 billion.
Investors in the fund included the Pennsylvania State Employees' Retirement System, which committed €64 million in December.
According to the release, the London-based PSG Europe team consists of 22 investment professionals advising on fund investments in European growth-stage and lower middle-market software and B2B services companies.
PSG's European investment strategy mirrors the firm's buy and build strategy in the U.S., which has a track record of partnering with management teams to scale businesses through organic and inorganic growth, it said.
Dany Rammal, Managing Director and Head of the PSG Europe team, said, "The highly fragmented European market presents a significant opportunity for a firm like ours. The strength of our deal sourcing and operational capabilities mean we are well-positioned to partner with founders and entrepreneurs to he...................... To view our full article Click here
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