PHD launches second fund
PHD Equity Partners is seeking to raise £25m for its second fund.
The Daresbury-based business, which was founded in 2008 as the fund management arm of the Dow Schofield Watts, said Fund 2 would build on its strategy of investing in smaller UK companies with valuations of less than £10m.
Its maiden fund is on target to provide an internal rate of return of 24.6 per cent.
The partners of PHD expect Fund 2 to be exclusively supported by commitments from high net worth individuals, alongside the PHD partners who will be investing a minimum of £1.75m.
James Dow, managing partner of PHD, said: "The exceptional performance of Fund 1 has created strong support from our existing investors to grow and develop our investment business in this dynamic group of UK companies."
Andy Dodd, partner of PHD, added: "Through Fund 2, we will continue to build on the success of our proven capability to partner with emerging growing businesses and implement operational change and strategic initiatives to accelerate growth and enhance shareholder value."
The initial close of Fund 2 is set to be in mid-December.