Barclays Private Equity has closed its third fund, Barclays Private Equity European Fund III, on 2.4 billion, AltAssets reports.
External investors have contributed around 1.7 billion to the fund, with the remaining 650 million provided by Barclays Capital.
Investors in Barclays Private Equity Fund III include Allianz Private Equity Partners, LGT Capital Partners, Morley Fund Management, Pantheon Ventures, Standard Life Investments and SVG Advisers.
As with Barclays Private Equity European Fund II, Barclays Private Equity plans to invest its new fund into businesses throughout Europe, predominantly in the UK, France, Germany, Italy and Switzerland.
“Our strategy remains unchanged – to concentrate on mid-market buy-outs up to 500 million with a core focus on deals between 25 million and 250 million,” says Tom Lamb, co-head of Barclays Private Equity. “Our 2005 fund is now over 85 per cent committed with more than 25 per cent of drawn capital already returned to investors. Our 2002 fund has already returned over 150 per cent of drawn capital.”