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Laxman Pai, Opalesque Asia: European growth investor Synova has held the first and final close of its fifth flagship fund on its hard cap of £875m ($1.06bn), beating its initial £750m target in just three months.
London-based private equity house said in a press release that Synova V received overwhelming support from existing investors, who increased their commitments by over 50% on average, as well as select new investors in a fundraise that was once again heavily oversubscribed.
According to the release, Synova V will maintain Synova's tireless focus on partnering with exceptional growth companies within the Technology, Business Services, Financial Services, and Health & Education sectors. In addition to opportunities in the UK and Ireland, Synova will also be seeking platform opportunities in continental Europe, it added.
"Synova V has been deliberately constructed to support companies throughout their growth trajectory. As such, £250 million of the capital, the Chrysalis pool, will be reserved for investments in smaller companies, to continue to capitalize on outstanding opportunities in this segment of the market as well as to provide a strong source of incremental returns for investors," the company said.
Synova co-founders Philip Shapiro and David Menton said: "We are humbled by the speed and success of this fundraise, which we believe reflects the strength of the Synova model, the talent within our team, and the strong partnerships we have built ...................... To view our full article Click here
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