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Englefield closes second fund on €1bn

Dominic Shorthouse’s mid-market fund has closed its second fund despite only exiting two investments from its first fund in 2002.

Englefield Capital, a European middle market buyout firm, has closed its second fund with commitments of €1.060 billion ($1.3 billion).

Englefield Capital II will focus on equity investments in Europe of between €30 million and €150 million. Dominic Shorthouse, founder and managing partner, said: “It is business as usual. We like the area where we practice and the size we target.”

Bregal, the investment vehicle of the Brenninkmeijer family, French insurer Axa and Delta Lloyd, part of insurer Aviva have backed Shorthouse alongside more than 120 business people although the first fund has only had two full exits.

Shorthouse said: “We have had two exits which were successful. For the rest of the portfolio it is too early to say. Investors have seen enough signs of progress. Fundraising was relatively easy in the sense we have satisfied investors and we did not want to increase the size of the fund significantly.”

Englefield was formed in 2002 and its first fund of €706 million has now been invested in ten businesses across a range of sectors, including business services, education, energy, financial services and healthcare.

The management board of Englefield consists of Adam Barron, Edmund Lazarus, Peter Mead and Eric Walters.  

Its advisory board is a list of the great and the good from among its affiliate investors, including Tim Congdon, Sir David Frost, Ronald Frohne, Ed Mckinley, Paul Myners, Sir Hayden Philips, Sir John Rose, Lord Robertson and Brian Wilson

Shorthouse said: “Everybody has a network, but with ours everyone is financially involved. They take a little extra care. Because they are investors they are more likely to call if they hear of a deal.”