Apiary Capital closes second fund above target at £240m

Mark Salter, Managing Partner, today announced the final close of Apiary Capital Partners II, substantially above target at £240m.

Apiary will continue to focus on the UK lower mid-market targeting asset-light businesses with defensive characteristics across fragmented markets in the Business Services, Financial and Technology Services, Healthcare and Education sectors.

Apiary’s research-driven and partnership-based origination focuses entirely on proprietary and primary opportunities. The Fund will invest in developing management and organisational infrastructure to create platforms primed for rapid growth, unleashed through roll-ups, roll-outs or transformative mergers.

The Fund received significant support from existing LPs and welcomed several new institutional investors. The Fund II LP base includes Endowments & Foundations, Public and Private Pensions, Consultants, Fund of Funds and Family Offices with around 60% of investors from the United States and the balance from the UK and Europe.

Fund II has already completed a significant strategic investment in Carbon Underwriting Limited, a tech-enabled Managing General Underwriter servicing the global insurance industry. In addition, Apiary recently announced the sale of portfolio company, TAG, to ECI realising a return of 4x for Fund I investors.

“We would like thank our investors for their support," said Mark Salter. "It is particularly gratifying to welcome new names into our investor base who share our view of the attractive opportunities within the resilient UK lower mid-market, and our ability to deliver compelling returns.”