Better Capital adds £210m

BETTER Capital, the private equity fund founded by Jon Moulton, has announced its first set of results since it floated in late 2009, reporting a net asset value of £210.4m from 24 November 2009 to 31 March.

The fund’s IFRS profits totalled £5.4m for the period, during which it made six acquisitions, including the high-profile rescue of Reader’s Digest in April this year for £13m.

Venture capitalist Moulton holds a 9.4 per cent stake in Better Capital, which he founded in 2009 with a focus on turnaround investments after quitting Alchemy Partners, the fund he also set up in 1997.

He initially raised £142.4m for Better Capital by floating it on Aim in December.
Shares in Better Capital closed at 118.96p yesterday.