Bowmark Capital closes £600m UK-focused fund amid Brexit uncertainty

Private equity firm Bowmark Capital has raised £600m to invest in UK companies, indicating investor confidence in British business despite Brexit uncertainty.

A total of 44 per cent of the capital has come from European investors, and 35 was invested from North America, the company said.

The Bowmark Capital Partners VI fund reached its target in 10 weeks and is 60 per cent larger than the firms £375m fund, highlighting investor demand.

It comes amid a period of prolonged uncertainty as the UK prepares to leave the European Union in March. Parliament is due to vote on Theresa May’s much criticised Brexit deal this month.

Bowmark Capital managing partner Charles Ind said: “We are immensely grateful to our investors for the confidence they have placed in us, and for their hard work in enabling the fund-raising to be completed so efficiently.

“The success of the fund-raising demonstrates that the UK remains an attractive market for private equity, notwithstanding current Brexit uncertainties.

“It is also a validation of Bowmark’s growth-oriented investment strategy and focus on long-term value creation, which have delivered exceptional returns across multiple economic cycles.”

Recently, Bowmark has invested in car rental firm Nexus and legal data provider Law Business Research as well as internet solutions company Ask 4 and legal services firm Lod.

Campbell Lutyens acted as exclusive financial adviser on the fund-raising. Stephenson Harwood acted as UK legal adviser and Pepper Hamilton as US legal adviser.