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Law360 (June 24, 2020, 10:13 AM EDT) -- Tenzing Private Equity, guided by Proskauer Rose, said Wednesday that it has closed its sophomore fund after securing £400 million ($499 million) from investors in a completely virtual fundraising process, with plans to target tech-based companies in the U.K., Ireland and Northern Europe.
The fund, called Tenzing Private Equity II, was raised in less than nine total weeks, with the firm employing an entirely virtual process due to restrictions caused by the coronavirus pandemic, according to a statement. It will follow in the footsteps of Tenzing's previous fund by targeting lower middle market companies in the above-mentioned regions, with a focus on tech-enabled businesses led by entrepreneurs.
Tenzing says it was able to raise the fund during such uncertain economic times thanks to its limited partner base that invested in both this vehicle and its debut vehicle, which closed back in January 2017 with £200 million in tow. The firm discussed the fund with investors and secured capital through video chat sessions using Zoom.
"We've been overwhelmed by the support and vote of confidence that existing and new investors have given us," said Christian Hamilton, founder and co-managing partner.
"Cliched as it is, this was a huge team effort where everyone stepped up," he said. "Our amazing portfolio companies have performed so well in such a unique and challenging time, and this meant the Tenzing team could dedicate time to the raise and develop ninja-level Zoom skills."
Tenzing's investor base includes U.K., European and North American endowments and foundations, family offices, asset managers, private banks and insurance companies. Formed in January 2015, Tenzing looks to invest in small and medium-size businesses that are valued at between £10 million and £50 million.
The Tenzing portfolio currently consists of seven companies, including U.K.-based activpayroll, which provides outsourced global payroll, payment and other services, and U.K.-based Ticketer, which provides smart electronic ticketing technology for the bus sector.
Proskauer Rose (UK) LLP acted as legal counsel to Tenzing, with Evercore Private Funds Group serving as exclusive global placement agent.
--Editing by Rebecca Flanagan.
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