CBPE announces final close of Fund XI at £714M

Private equity firm CBPE today announced the final close of its latest fund, CBPE Fund XI ("Fund XI"), at its hard cap of £714 million less than four months after its launch. 

Fund XI represents a 27 per cent increase from CBPE’s prior fund, CBPE Capital Fund X, which closed at £561 million in November 2020. 

New capital commitments have diversified the geographic profile of CBPE’s investor base by strengthening existing markets like the US and the Nordics, and adding investors in new markets, e.g., Australia.

Fund XI will continue CBPE’s established strategy of investing in primary buyouts, backing growing, cash-generative UK and Ireland headquartered businesses with enterprise values of up to £175 million. 

CBPE’s core sectors include business services, financial services, healthcare and pharmaceuticals, industrials, and technology.

The close of Fund XI follows a busy six months for CBPE, where the firm announced four new platform acquisitions including the intellectual property firm HGF, the clinical homecare services business HealthNet Homecare, the wealth management firm Clifton Asset Management and the legal services provider HF. 

The first seven exits from Fund IX (2016 vintage) have delivered strong proceeds, generating a blended return of 5.2x multiple on capital (MoC).

Ian Moore, Managing Partner at CBPE, said:

“The high re-up rate and the interest from new geographies reflect confidence in our focused investment strategy and strong track record.

We remain committed to identifying and partnering with high-quality businesses in the UK lower mid-market and supporting ambitious management teams on the next phase of growth.”

Laura West, Head of Investor Relations at CBPE, said: 

“A huge thank you to all of our limited partners for their conviction in CBPE’s strategy and culture, and for their continued trust in us.”