AshGrove Capital Closes Fund II At €650 Million Hard Cap, More Than Doubling Fund Size
AshGrove Capital, an independent pan-European specialty lender, announced the final close of AshGrove Specialty Lending Fund II at the hard cap of €650 million, surpassing its target of €500 million.
Rede wins Placement Agent of the Year at the 2024 Alternative Credit Awards
We were honoured to win Placement Agent of the Year at the 2024 Alternative Credit Investor Awards last night in London! Congratulations to all the other winners and to those nominated. Our future is bright!
Verdane closes Idun II at €700 million hard cap to back companies that will create a more sustainable future
Verdane, the European specialist growth investor, has announced the successful final close of Verdane Idun II at its €700 million hard cap, more than double the size of its €300 million predecessor Idun I.
Inverness Graham Closes Inaugural Green Light Fund Above Target at $238m
Inverness Graham (“IGI”), a Philadelphia-based buyout firm, announced the final close of the Inverness Graham Green Light Fund at $238 million, exceeding its $200 million target.
BlackFin Capital Partners closes Europe’s largest ever buyout fund dedicated to asset-light financial services at €1.8 billion
Driven by strong demand from institutional investors in Europe (45%), the Americas (45%) and Asia (10%), the new fund size significantly exceeded its €1.5 billion target and represents an 80% increase on its €985m predecessor Fund III.
Rede wins Placement Agent of the Year at the 2024 Mergermarket British Private Equity Awards
We were honoured to win Placement Agent of the Year at the 2024 Mergermarket British Private Equity Awards earlier this week in London. Members of the Rede team were on hand to accept this prestigious award.
Miura Partners closes over €800 million in 2024, one of the largest dedicated pools of capital for supporting Iberian businesses
Miura Partners, a purpose-driven Iberian mid-market investor, has announced final closes of three funds raising over €800 million in aggregate. Miura Fund IV closed at its hard cap of €475 million. A further €135 million was raised for Miura Impact Fund, the firm’s first vehicle fully dedicated to Impact. €200 million was also secured for Dent&Co, a continuation fund in the dental healthcare space.
Rede announces five new appointments and promotions, as well as plans to open an office in the Middle East
We are pleased to announce two promotions to Partner from our global coverage network, as well as three senior hires adding important capabilities to the firm.
Rede CEO Adam Turtle Speaks to Tom Mackenzie for Bloomberg’s flagship morning show The Pulse
Watch the full video here.
Partner Kristina Widegren named one of Twenty Trailblazing Women of 2024
Since joining Rede in 2013, Kristina has worked on 80 fund closes, helping to raise over €120bn and repeatedly delivered outstanding outcomes for our clients.
Volpi Capital closes Fund III at €428m
Volpi Capital LLP, a specialist technology investor in the European lower mid-market, holds its final close of Volpi Capital Investments III at €428 million.
Apiary Capital Fund II closes above target at £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.
Rede Partners appoints Riccardo Villa as Head of Strategic Capital Advisory
Riccardo joins with 20 years of experience from Lazard to deepen Rede’s capabilities in supporting its clients to build their franchises through accessing capital at both the portfolio and corporate level.
Avista Healthcare Partners VI closes on $1.5 billion
Avista Healthcare Partners VI closes on $1.5 billion
Verdane closes Edda III past target at €1.1 billion
Verdane closes Edda III past target at €1.1 billion
TJC closes oversubscribed $6.85 billion Resolute Fund VI above its original hard cap
TJC closes oversubscribed $6.85 billion Resolute Fund VI above its original hard cap
Jeremy Smith recognised as one of New Private Markets' 50 Influencers in Sustainable Private Markets
Congratulations to Jeremy Smith for being recognised as one of New Private Markets' 50 Influencers in Sustainable Private Markets.
Vidia Equity closes oversubscribed Climate Fund I at €415 million hard cap
Vidia Equity closes oversubscribed Climate Fund I at €415 million hard cap
Rede Partners announces new strategic alliance with Greater Share
Rede Partners announces new strategic alliance with Greater Share
Ara Partners announces the close of Ara Fund III at increased hard cap
Ara Partners closes over $3bn of new capital commitments
Adam Turtle, Rede's Senior Partner and CEO, named one of the Fifty Most Influential 2023 by Private Equity News
Adam Turtle, Rede’s Senior Partner and CEO, named one of the Firty Most Influential 2023 by Private Equity News.
Rede Partners featured in Real Deals Future 40: Climate Change Champion List
Rede Partners named by Real Deals for pioneering role in raising over $6 billion for impact managers.
PAI Partners raises €7.1 billion for eighth flagship fund
PAI Partners raises €7.1 billion for eighth flagship fund
Verdane closes oversubscribed Capital XI at €1.1 billion hard cap
Verdane closes oversubscribed Capital XI at €1.1 billion hard cap
Angeles Equity Partners announces the close of Angeles Equity Partners II, L.P.
Angeles Equity Partners announces the close of Angeles Equity Partners II, L.P.
Volpi Capital announces the close of Volpi Capital Investments Conti LP
Volpi Capital announces the close of Volpi Capital Investments Conti LP, a continuation vehicle purchasing the remaining interests in Volpi’s 2016-vintage debut fund.
Rede named Fundraising Adviser of the Year at The Drawdown Awards 2023
We are proud to have been awarded Fundraising Adviser Of The Year at The Drawdown Awards 2023.
Wise Equity closes Wisequity VI at €400m hard cap
Wise Equity SGR has announced the closing of Wisequity VI at €400 million.
James Varela recognised in Private Equity International's Future 40 Leaders 2023
We're delighted that James Varela, Principal, has been named in Private Equity International's 'Future 40 Leaders 2023'.
Paragon Partners raises €1.2 billion for Fund IV
Munich-based Paragon Partners has raised €1.2 billion in capital commitments for Paragon Fund IV (P4), representing a 50% increase from the predecessor fund, Paragon Fund III, which closed on €783m in 2019.
Bencis announces closing of Bencis IV Continuation Fund
Bencis Capital Partners B.V. is pleased to announce the closing of Bencis IV Continuation Fund.
Longship closes third fund at NOK 2.1 billion hard cap in under four months
Norway-based private equity firm Longship has announced the first and final close of its third fund, Longship Fund III, at NOK 2.1 billion (c.€200 million).
Monterro announces final close of Monterro G1 at €150m hard cap
Monterro, a leading Nordic B2B software investor, has announced the final close of Monterro G1 at its €150m hard cap, including a 24% GP commitment. The Fund was oversubscribed and raised entirely from existing investors.
Rede Partners launches LP portal RedeWire
Rede Partners has launched RedeWire, an interactive portal for institutional investors.
Rede announces fourth global location with opening of Amsterdam office
Rede Partners is delighted to announce that it has opened a new office in Amsterdam, The Netherlands, to strengthen its European footprint.
Rede passes twin milestones of €100 billion raised and 100 team members
Thanks to your support, Rede Partners has reached some momentous milestones during 2022.
Nordic Capital closes Fund XI on €9bn
Nordic Capital has announced the completion of Nordic Capital Fund XI, the firm’s largest fundraise to date.
Three Hills Capital Partners closes fourth fund at hard cap of €1 billion
Three Hills Capital Partners has announced the final close of Three Hills Capital Solutions IV at its hard cap of just over €1 billion.
Rede named Placement Agent of the Year at 2022 Unquote Awards
We are incredibly proud to have been awarded Placement Agent Of The Year at the Unquote British Private Equity Awards.
Magnus Goodlad and Mike Camacho recognised in The Drawdown Most Influential Fund Finance Experts 2022
We're delighted that Magnus Goodlad, Partner, and Mike Camacho, Principal, have been named in The Drawdown ‘Most Influential Fund Finance Experts 2022.
Zetland Capital close second fund at €620m
Zetland Capital LLP, a leading European mid-market special situations investor, is pleased to announce the successful closing of Zetland Special Situations Fund II and associated vehicles, raising over €620 million.
Synova V holds first and final close at £875 million hard cap
Synova LLP (or ‘the firm’) has announced the first and final close of Synova V (or ‘the fund’) at the hard cap of £875 million, in just three months.
FPE Fund III surpasses target, closing at a hard cap of £185m
FPE Capital LLP (‘FPE’ or the firm), the software & services focused lower mid-market growth investor, has announced the successful final closing of its third fund (“FPE Fund III” or “the Fund”), with investor commitments of £185 million (US$ 235 million).
Ian Flavell named in Private Equity International's Future 40
We are delighted to announce that Rede's Head of Americas Advisory Ian Flavell has been named one of Private Equity International's Future 40.
Circularity European Growth Fund II closes at an extended €215 million hard cap
Circularity Capital, the circular economy growth investor, has announced the oversubscribed final close of its second fund at €215 million.
Rede Partners opens Hong Kong office and appoints Charles Wan as Head of Asia
Rede Partners, a leading independent fundraising advisor to the private markets, has opened a new office in Hong Kong and appointed Charles Wan as its regional head.
Verdane closes impact fund Idun at hard cap of €300m
Verdane, the European specialist growth equity investor, has announced that it has held a final close on Verdane Idun I (“Idun” or “the Fund”), an impact-focused fund investing in technology-enabled businesses based in Northwestern Europe.
Rede in review
2021 was a landmark year for Rede Partners, marking a decade since our firm was founded.
Adam Turtle named in FN50 Most Influential People in European Private Equity
We're delighted that our Co-Founder and Partner, Adam Turtle, has been named as one of 50 Most Influential in European Private Equity by Private Equity News.
Monterro announces the first and final close of Monterro 4 at €700m
Monterro, a leading B2B software growth investor in the Nordics, has today announced the first and final close of its fourth fund (‘M4’ or ‘the Fund’) at €700 million.
Rede named Placement Agent of the Year at the Unquote British Private Equity Awards
We are incredibly proud to have been awarded Placement Agent Of The Year at the Unquote British Private Equity Awards.
Thomas H. Lee Partners announces final close of Fund IX at its hard cap with $5.6 billion in capital commitments
Thomas H. Lee Partners, L.P. ("THL"), the US-based private equity firm investing in middle-market growth companies, has announced the successful final close of its ninth flagship fund
Rede named Placement Agent of the Year at the Real Deals Private Equity Awards
We are incredibly proud to have been awarded Placement Agent Of The Year at the Real Deals Private Equity Awards.
GHO Capital announces final close of Fund III at over €2 billion
GHO Capital (Global Healthcare Opportunities), the European specialist investor in global healthcare, has announced the final close of its third fund
Apax Partners closes Apax Midmarket X at €1.6bn, oversubscribed and at hard cap
Apax Partners has announced the final close of its tenth midmarket fund, Apax Midmarket X (or the “Fund”), at €1.6 billion surpassing its €1.2 billion target.
Nordic Capital raises €1.2 billion for Evolution, its first mid-market fund, in a record three months
Nordic Capital has announced the successful first and final close of its first Evolution Fund at just over €1.2 billion (including GP commitment of 6.8%).
Intera Partners Closes Fund IV at €335m in three-month fundraise
Intera Partners, the Finnish growth-orientated private equity firm, has today announced the first and final close of its fourth fund (Intera Fund IV) at €335 million.
PAI Partners close debut mid-market fund at €920m
PAI Partners (“PAI”), a leading pan-European private equity firm, has announced the successful final close of its inaugural PAI Mid-Market Fund (“PAI MMF”, or the “Fund”) with a total of circa €920 million of commitments.
Verdane closes Edda II fund at €540m hardcap
Verdane, the European specialist growth equity investor, has announced that it has held a final close on Verdane Idun I (“Idun” or “the Fund”), an impact-focused fund investing in technology-enabled businesses based in Northwestern Europe.
TCV closes TCV XI at $4 billion
TCV announced this week the closing of TCV XI, the firm’s largest fund to date at $4 billion.
Volpi Capital beats target with second fund holding final close at €323m
Volpi Capital, the London-based mid-market tech investor, has announced the final close of its second fund at €323 million (excluding co-investments) surpassing its €300 million target.
Rede in review
As 2020 nears conclusion and this challenging year draws to a close, we wanted to look back at the achievements and hard work of our team.
alexandra bazarewski listed in wall street journal ‘women to watch’ list
We are delighted to announce that Rede Principal Alexandra Bazarewski has been named one of Wall Street Journal’s ‘Women to watch’.
CBPE closes Fund X at £561 million hard cap
CBPE Capital LLP (“CBPE”) has announced the final close of its latest fund, CBPE Capital Fund X.
EMH Partners closes Fund II at €650 million hard cap
EMH Partners (EMH) has announced the successful final close of EMH Growth Fund II (the Fund) at €650 million (excluding co-investments).
Nordic Capital closes €6.1bn Fund X in less than six months in wholly remote capital raise
Nordic Capital has announced the successful final close of Nordic Capital Fund X (“Fund X” or “the Fund”), at €6.1 billion (including GP commitment of 6.5%).
Rede Partners launches 2021 Graduate Scheme
Today we officially launched our 2021 Graduate Scheme for students and recent graduates looking to begin their Private Equity career journey.
Hg closes three funds at $11 billion in aggregate: Hg Genesis 9, Hg Mercury 3 and Hg Saturn 2
Rede Partners has announced that it has advised leading global software investor Hg on its latest fundraisings totalling $11 billion USD across three vehicles.
Rede Partners appoints Eric Ellul as Chairman alongside two senior hires
Rede Partners, a leading independent fundraising advisor to the private equity industry, is pleased to announce the appointment of Eric Ellul as Chairman[1] alongside two new senior hires.
We are delighted to be shortlisted for ‘Placement Agent Of The Year’ by the Unquote British Private
A public vote determines the final winner and we would greatly appreciate your support. Voting is open now and closes on Wednesday 16th September.
Jonathan Hartland named in Private Equity International's Future 40
We are delighted to announce that Rede Principal Jonathan Hartland has been named one of Private Equity International's Future 40.
Activant Capital closes third fund with $257m in commitments
Activant Capital, the growth equity fund manager, has announced the final close of its third fund with commitments of $257m to invest in commerce infrastructure technology.
Rede Partners becomes Level 20 supporter
We’re delighted to be one of the supporters of Level 20, the not-for-profit organisation established to inspire women to join and succeed in the private equity industry.
Stirling Square Capital Partners raises €950m for Fourth Fund
Stirling Square Capital Partners has announced the successful final close of its Fourth Fund with €950 million in total commitments raised.
Rede Partners launches Graduate Scheme
Today we officially launched our Graduate Scheme for students and recent graduates looking to begin their Private Equity career journey.
Rede Partners appoints Magnus Goodlad as Head of Transactions
Rede Partners, a leading independent fundraising advisor to the private equity industry, is pleased to announce the appointment of Magnus Goodlad as Head of Transactions.
BlackFin Capital Partners closes third fund after raising nearly €1bn in largest European fund dedicated to asset-light financial services
BlackFin Capital Partners, the European specialist financial services investor, announced the successful final close of its third fund, BlackFin Financial Services Fund III at its hard cap of €985 million.
Adam Turtle named in Europe's 50 Most Influential People in Private Equity 2019
We're delighted that our Co-Founder and Partner, Adam Turtle, has been named as one of 50 Most Influential in European Private Equity by Private Equity News for the second year running.
GHO Capital raises €975m in largest ever European healthcare fund
GHO Capital Partners LLP, the European specialist investor in healthcare, has announced the final close of GHO Fund II LP at its hard cap of €975m.
Miura closes Frutas, the largest agribusiness fund in Europe, to support the growth of Citri&Co and Frutas Esther
Congratulations to Miura Private Equity on raising c. €350 million for Frutas, the largest agribusiness fund in Europe.
Rede Partners named as Placement Agent Of The Year by Unquote British Private Equity Awards
Rede Partners is incredibly proud to have been awarded Placement Agent Of The Year at this year's Unquote British Private Equity Awards.
Mike Camacho named in Secondaries Investor' Young Guns of Secondaries 2019
Rede congratulates Principal Michael Camacho on being named in Secondaries Investor's 'Young Guns of Secondaries'.
Three Hills Capital Partners announces €192m secondary transaction
Three Hills Capital Partners has announced the closing of a €192m GP led secondary transaction, involving the creation of two new funds, to raise fresh capital from new institutional investors for some of the firm’s high growth portfolio assets.
Wisequity V closes at hard cap of €260m
Wise Equity (“Wise”), a leading investor in the Italian lower middle market, has held a first and final close for its fifth fund at its hardcap of €260m less than two months post launch.
Kristina Widegren promoted to Partner
We are delighted to announce the promotion of Kristina Widegren to the role of Partner, joining co-founders Scott Church and Adam Turtle in the firm's partnership.
Amadeus Capital Partners announces new partnership with HarbourVest Partners to support Digital Prosperity Fund I in $87m secondary
In a transaction totalling $87 million, MTN Group, the South Africa‐based telecommunications company, has sold its interest in Digital Prosperity Fund I and an allied co‐investment vehicle for TravelStart Group, both managed by Amadeus Capital Partners, to HarbourVest.
Sabrina Malpas named in Private Equity International's Future 40
We are very proud to announce that Rede Principal Sabrina Malpas has been named one of Private Equity International's Future 40.
Rede Partners wins Placement Agent Of The Year at the Private Equity Awards 2019
Rede Partners is delighted to announce that it has been recognised as Placement Agent Of The Year by the British Private Equity Awards 2019.
Summa Equity closes its Fund II with SEK 6.5 billion to invest to solve global challenges
Summa Equity announced today that it has raised further capital to continue to invest to solve global challenges. Summa Equity Fund II closed at hard cap with investor commitments of SEK 6.5 billion (c. EUR 610 million).
Three Hills Capital Partners announces final close of Three Hills Capital Solutions III at €540m
Three Hills Capital Partners have announced the final close of Three Hills Capital Solutions III at €540m - significantly in excess of the original target of €400m and close to three times higher than its prior fund.
Verdane to invest SEK 6 billion in Northern European growth companies
Verdane, the European specialist growth equity investor, has announced that it has held a final close on Verdane Idun I (“Idun” or “the Fund”), an impact-focused fund investing in technology-enabled businesses based in Northwestern Europe.
PEI's story of the year 2018 - Lyceum Capital's Rebirth
Rede's work with Lyceum Capital / Horizon was featured as "Private Equity International's Story Of The Year 2018"
Rede partners shortlisted in four categories for the pei awards 2018
After a record-breaking year for us at Rede Partners we're thrilled to have been shortlisted in three different categories for the prestigious Private Equity International Awards 2018.
Adam Turtle named in Europe's 50 Most Influential People in Private Equity
We're delighted that our Co-Founder and Partner, Adam Turtle, has been named as one of 50 Most Influential in European Private Equity by Private Equity News for the second year running.
Launch of Horizon Capital and close of £200 million bridge fund
Launch of Horizon Capital and close of £200 million bridge fund. Horizon 2018, a seven-year investment vehicle has held a final close on £200 million.
Hg announces final closing of Hg Saturn 1 Fund at £1.5bn
Hg has announced the final close on its Hg Saturn 1 Fund (“Saturn”), a software‑focused, large‑cap European buyout fund, at its hard capitalisation raising a total of £1.5 billion.
Rede congratulates Associate Principal Julie Prewer on being named in Secondaries Investor's 'Young Guns of Secondaries 2018'
Over her seven year tenure with advisory firm Rede Partners Julie has proved a dab hand at GP-led transactions with one source describing her as “a force to be reckoned with."
Rede hires industry veteran, strengthens senior team
Rede Partners has appointed industry veteran Ian Simpson as a senior adviser, building on a series of other hires made earlier this year.
Apiary Capital Closes First Fund at Hard-Cap with commitments of £200m
Apiary Capital, today announced the final close of its debut fund, Apiary Capital Partners I.
Rede Partners to strengthen its North American presence with Co-Founder Scott Church relocating to New York
The move, set to take place in August, will see Scott continue the firm’s international expansion following the opening of a dedicated New York office in 2017.
Ambienta closes €635m Fund III – the largest private equity fund focused on environmental investing
Rede Partners congratulates Ambienta on the successful €635 million close of Ambienta III at its hard cap after just three months of active marketing. The Fund was heavily oversubscribed.
Volpi Capital announces the final closing of its first institutional fund
Rede is delighted to have advised Volpi Capital on its fundraising for its inaugural fund, Volpi Capital Fund I, which closed on its hard-cap of €185m.
Rede Co-Founders named on PEI’s ‘Rainmaker 50’ list
Rede Partners’ co-founders Scott Church and Adam Turtle have been named on a list of private equity’s most influential fundraisers, compiled by Private Equity International.
PAI Partners announces close of PAI Europe VII at €5bn hardcap
A huge congratulations to PAI Partners who have today announced the €5bn close of PAI Europe VII.
Verdane to invest sek 3 billion in nordic high-growth companies
Rede would like to congratulate Verdane on the highly successful SEK 3 billion close of Verdane Edda. The Fund was heavily oversubscribed and closed at its hard cap, with a global LP group.
Rede Partners named ‘Placement Agent of the Year in Europe’ at 2017 Private Equity International Awards
Rede Partners is proud to have been named ‘Placement Agent of the Year in Europe’ at the 2017 PEI Awards, hosted by Private Equity International.
Miura Private Equity closes its third fund at €330m hard-cap
Rede Partners is pleased to have advised Miura on the raising of its third fund – Miura Fund III – at its hard-cap of €330 million.
Alchemy closes Special Opportunities Fund IV at £900m hard-cap
Rede Partners is delighted to have advised Alchemy on the successful close of its Special Opportunities Fund IV at its £900m hard cap.
FPE Capital announce £100 million final close of first institutional fund
Rede Partners is pleased to have advised FPE Capital on its £100 million fundraising for its first institutional fund, FPE Capital II.
Apax Partners MidMarket announces the final closing of Apax France IX at €1bn hard-cap
Rede Partners is delighted to have advised Apax Partners MidMarket on its €1 billion fundraising for its ninth fund, Apax France IX.
Summa Equity announce SEK 4.5 billion final close of first fund at hard cap
Summa Equity today announces that its first fund, Summa Equity Fund I, has closed with commitments of SEK 4.5 billion, exceeding the initial target of SEK 3.3 billion after being significantly oversubscribed. The fund size was limited to SEK 4.5 billion despite oversubscription.
HgCapital 8 and Mercury 2 both reached their hard cap raising a total of c. £3.1 billion
Rede Partners is delighted to have advised HgCapital on the fundraising of its two latest funds, HgCapital 8 and Mercury 2.
£60m final close for Elaghmore's first fund
Rede Partners is pleased to have advised Elaghmore Partners on its £60m fundraising for its first fund, Fund I. The fund closed at hard cap following a highly focused three month process and has already made its first investment with the acquisition of SB Components.
GHO announce €660 million final close of GHO Capital Fund I LP at hard cap
Rede Partners is pleased to have advised GHO Capital on its €660 million fundraising for its inaugural fund, GHO Capital Fund I LP, at its hard cap and considerably above its target of €500 million.
Verdane Closes on SEK 3 billion in under 3 months
Verdane Capital IX AB (Verdane IX) has closed at its hard-cap with SEK 3 billion in commitments. The fund, which is Verdane’s largest to date, was significantly oversubscribed.
Wisequity Fund IV on closes on €215m hard cap
Wise SGR Board of Directors are pleased to have accepted this morning total commitments of €215 million for its Wisequity IV Fund equating to the hard cap of the Fund.
Stirling Square Collects €600m for Latest Fund
Stirling Square Capital Partners, a leading private equity investor in the European mid-market, announces the final closing of its Third Fund at its hard cap of €600m.
Rede Partners Doubles Team Size to Meet Growing Demand
Rede Partners (“Rede”), the fundraising and secondaries advisory firm, has expanded its team from 10 to over 20 people since the beginning of last year.
PAI Europe VI closes at €3.3 billion
PAI has a long and successful track record of investing in market-leading European companies with a focus on companies headquartered in Continental Europe.
Ambienta closes environmental Fund II on just over €323m
Italian private equity firm Ambienta has beaten the $300m target for its second clean services-focused fund and closed ahead of schedule on €323.5m.
Paragon raises €412m for second mid-market fund
Paragon Partners is pleased to announce the closing of the Paragon Fund II at €412 million, significantly above its initial target.
Rede Partners grows secondaries capabilities
Rede Partners, the placement and advisory firm, has appointed ex-Paul Capital vice-president Yaron Zafir as a principal focusing on secondaries
Motion Equity Partners signs deal with Harbourvest
European buyout firm Motion Equity Partners has been given a new lifeline by HarbourVest Partners in a major fund restructuring deal.
Private Equity Awards 2013 – The winners
These four profiles demonstrate what it takes to snag the most coveted awards in the industry.
AnaCap hits £350m hard cap for Distressed Debt Fund
London based credit investor AnaCap Financial Partners has hit its £350m hard cap for its latest distressed debt fund, and was oversubscribed after six months of fundraising.