Tuesday 7 November 2017 9:23 am

London gets another new private equity firm as Apiary Capital aims to raise £150m

Another private equity firm is joining the melee of funds investing in the UK, as sources revealed that Apiary Capital is aiming to raise £150m to invest in lower mid-market companies.

The firm, which is headed by former Bowmark Capital senior partner Mark Salter, is still in the early stages of fundraising, sources familiar with the matter told City A.M.

So far, the only other members of the firm mentioned on its website are Bowmark's former chief operating officer Nikola Sutherland and ex-August Equity deal originator Rob Simpson.

The firm is looking to expand its team as the fundraise progresses, City A.M. understands. Placement agent Rede Partners is assisting with the raise.

As investors continue to set aside increasing amounts of money for private equity, a flurry of new funds have set up shop in recent months.

FPE Capital closed its first institutional fund last month on £100m, while City A.M. revealed in September that health- and beauty-focused Vaultier7 had launched a £65m debut fund.

First-time funds focusing on smaller deals are proliferating, as investors such as sovereign wealth funds and family offices have shown increasing interest in the asset class but may not be able to commit the amount demanded by larger funds.

Debut funds are also allowing a way in for investors who may be new to private equity, and do not have relationships with the more popular, established firms.