Bowmark Capital: It is a ‘very attractive time to invest in mid-market companies’ as firm raises £900m
Private equity firm Bowmark Capital has raised £900m for its seventh flagship fund, focusing on high-growth businesses in the tech sector.
The latest fund from the firm launched with a target of £800m, which was rapidly achieved in October 2023, with total commitments summing about 50 per cent larger than its predecessor.
The fundraising came from 31 institutional investors, with 48 per cent of the capital coming from European investors and 37 per cent from North America.
Overall, pension funds committed 32 per cent of the funding, with insurance companies pledging 21 per cent, fund-of-funds 20 per cent, and 10 per cent from endowments, foundations and family offices.
The fund will focus on high-growth businesses in four core areas of the tech sector: Data and insight, managed IT services, software, and technology-enabled business services.
Bowmark Capital managing partner Charles Ind said: “We are immensely grateful to our investors for the confidence they have placed in us, especially in such a tight year for private equity allocations, and for their support in enabling the fundraising to be completed so efficiently.
“Along with Bowmark Growth Partners, our fund focusing on smaller companies, we now have over £1 billion of dry powder available for new investment, at what we believe will prove to be a very attractive time to invest in mid-market companies – driven by a recovering economy and the long-term growth drivers of technology, digitisation and outsourcing.
“We are excited at the opportunities ahead and look forward to continuing to partner with enterprising management teams in the business services and technology sectors to help them realise their growth ambitions.”
PJT Park Hill acted as the exclusive placement agent for the fundraising, while Kirkland & Ellis acted as legal counsel.