Fundraising

Rutland closes second fund on £320m

The turnaround specialist has raised £322 million for its second fund – with a £10 million commitment from its fund of funds vehicle.

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UK mid-market firm Rutland Partners has closed its second fund on £322 million (€482 million, $661 million). The fund, Rutland Fund II, had an original target of £250 million and held a first close on £312 million in December after four months of fundraising.

The final close coincides with a £10 million commitment from New Star Private Equity Investment Trust – the fund of funds vehicle that was created in March when New Star Asset Management merged August Equity Trust with Rutland Trust.

Rutland Fund II has made one investment to date: it bought Attends Healthcare from 3i for €93.5 million ($128.7 million) in July. 3i originally backed the 2002 management buyout of the business, which was then known as PaperPak, in a deal that was worth around €100 million.

The fund’s predecessor closed on £210 million in 2001. Credit Suisse acted as placement agent for the second fund.

Rutland recently hired Liam Camburn as a transaction specialist – boosting its investment team to ten people.