08 December 2005
Legal & General Ventures Ltd ("LGV"), the private equity arm of Legal & General Group Plc, announces the closure of its fifth private equity fund raised since 2000.
LGV 5 Private Equity Fund Limited Partnership ("LGV 5") has closed with aggregate commitments of £200m, an increase of nearly 10% over the previous fund. Three investors committed to LGV funds for the first time and the amount raised was equivalent to the original cap set on the fund. Legal & General's Life Fund remains the largest direct investor with external investors now representing 55% of commitments to the fund. LGV has a unique fund structure with an initial annual investment period, providing investors with greater transparency and flexibility compared to conventional private equity fund structures.
LGV 5 will continue the firm's existing strategy of arranging mid market buyouts in the consumer, leisure and services sectors in the UK. LGV was advised by JPMorgan Cazenove as placement agent.
Commenting on the closure of LGV 5, Adrian Johnson, Chief Executive, said: "Having closed our latest fund with commitments of £200m, we are delighted to have retained the support of our existing investors, several of whom increased their commitment levels. We are also pleased to welcome a number of new investors to LGV. LGV 5 will continue our highly focused investment strategy in the UK mid market."
Commenting on the fundraising, Alex Bance, Director, JP Morgan Cazenove said: "We were pleased to have assisted LGV in their latest fundraising and in particular to have supported them in achieving the original targeted amount of £200m in such an active market for private equity fundraising."
