07/10/24

CAREY OLSEN: Carey Olsen in Guernsey advises Phoenix Equity Partners on securing £600 million in new funds

Press Release from Carey Olsen, Thursday 26 September, 2024. 

Carey Olsen's Guernsey funds and corporate team has advised Phoenix Equity Partners ("Phoenix") on the successful close of its latest Flagship Fund with more than £400 million of commitments and the launch of its £200 million Growth Partnership Fund, achieving more than £600 million in new funds.

Phoenix's latest Flagship Fund will enable the firm to continue investing in high-growth, lower mid-market businesses across select sectors, while the launch of its Growth Partnership Fund will allow the firm to continue and extend its partnership with high-performing portfolio companies Nineteen Group ("Nineteen") and Envisage Dental ("Envisage").

The Growth Partnership Fund has acquired Nineteen and Envisage from Phoenix's previous flagship fund which supported the growth of both companies for over five years. Both started out as small platform businesses and have now significantly outperformed their original plans, achieving a gross aggregate return on the exits exceeding 4.5 times the cost and showcasing a combined enterprise value of close to £450 million.

The Carey Olsen Guernsey corporate team advising on these transactions comprised Guernsey funds partner David Crosland, senior associate Colin Calvert and associate Lisa Bailey.

David Crosland commented: "We were delighted to have advised long-standing client Phoenix on these exciting fundraises, a milestone for their firm. Phoenix has a long history of utilising Guernsey's tailor-made private fund regime and these latest funds demonstrate Guernsey's attractiveness as a domicile for funds of all types. We look forward to supporting their continued success."

Phoenix is a leading private equity firm which invests in UK-based private companies valued at up to £200 million and focuses on supporting founders and entrepreneurs with established, growing businesses.

 

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Carey Olsen Guernsey Funds Investment funds