Mid-market private equity firm Bowmark Capital has announced the successful closing of its latest flagship fund.
Bowmark Capital Partners VII has secured total commitments of over £900 million, approximately 50% larger than its predecessor.
Bowmark received strong support from its existing investors, achieving a re-up rate of more than 100%.
Bowmark VII was launched with a target of £800m and experienced significant demand from both existing and new investors. The fund achieved a rapid first close in October 2023 and held a final close at its hard cap within just three months of the first closing.
It was supported by 31 institutional investors, with 48% of the capital coming from continental Europe, 37% from North America, 7% from the UK and 8% from other countries.
It will be used to invest in high-growth businesses in four core areas of the technology sector: data and insight, managed IT services, software and technology-enabled business services.
“We are immensely grateful to our investors for the confidence they have placed in us, especially in such a tight year for private equity allocations, and for their support in enabling the fundraising to be completed so efficiently,” said Charles Ind, managing partner.
“Along with Bowmark Growth Partners, our fund focusing on smaller companies, we now have over £1 billion of dry powder available for new investment, at what we believe will prove to be a very attractive time to invest in mid-market companies – driven by a recovering economy and the long-term growth drivers of technology, digitisation and outsourcing.
“We are excited at the opportunities ahead and look forward to continuing to partner with enterprising management teams in the business services and technology sectors to help them realise their growth ambitions.”