Apiary Capital Fund II closes above target of £240m

Apiary Capital, a specialised investor focused on lower mid-market UK services, has held a final close of Apiary Capital Partners II substantially above its £200m target at £240m.

The Fund received significant support from existing LPs and welcomed several new institutional investors. The Fund II LP base includes Endowments & Foundations, Public and Private Pensions, Consultants, Fund of Funds and Family Offices with around 60% of investors from the United States and the balance from the UK and Europe.

Apiary will continue to focus on the UK lower mid-market targeting asset-light businesses with defensive characteristics across fragmented markets in the Business Services, Financial and Technology Services, Healthcare and Education sectors.

Apiary’s research-driven and partnership-based origination focuses entirely on proprietary and primary opportunities. The Fund will invest in developing management and organisational infrastructure to create platforms primed for rapid growth, unleashed through roll-ups, roll-outs or transformative mergers.

Fund II has already completed a significant strategic investment in Carbon Underwriting Limited, a tech-enabled Managing General Underwriter servicing the global insurance industry. Apiary recently announced the sale of portfolio company, TAG, to ECI realising a return of 4x for Fund I investors.

Rede Partners is proud to have supported Apiary on this successful fundraise, having worked together with the Apiary team to raise its debut fund in 2018.