Alternative finance backer Pollen Street Capital has raised £1bn during an oversubscribed fundraising round for its PSC Fund IV.
The fund – which focuses on growth investment in European financial and business services – has subsequently been closed.
The alternative investment management company said that the close also includes over £185m committed in PSC Accelerator, a fund which will invest alongside other Pollen Street funds in high growth, digitally enabled companies, and over £150m in committed capital for co-investment vehicles.
Capital commitments came from public and corporate pension funds, insurance companies, sovereign wealth funds, endowment and foundations, asset managers, banks and family offices from around the world.
The fund has already invested in six portfolio companies representing commitments of over £300m. These include Ding, Markerstudy, Pivotal Growth, Proactis, Blue Media and Pacific Fund Systems.
“We are thrilled with the strong support from our new and existing investors in this fundraise,” said Lindsey McMurray, managing partner of Pollen Street Capital.
“We are excited for the opportunity ahead. We have already made some great investments in the fund and are committed to partnering with great high growth businesses in this world of transformational change with our purpose led approach to asset management to continue to deliver great performance for our investors.”
“We are fortunate to have a high-quality set of global investors and we very much appreciate their support of our strategy,” said Michael England, partner at Pollen Street Capital.
“We see a large and diverse European market of over 40,000 companies with common opportunities that suit our systematic value creation approach. I believe the application of our expertise and strategic approach positions us well to partner with these entrepreneurial businesses who are poised to unlock the opportunities of a rapidly changing industry.”
Kirkland and Ellis provided legal counsel on the fundraise.