News Releases

Existing investors support latest fundraising

Barclays Private Equity, one of the leading investors in pan-European mid market buy-outs, today announces the close of its third European mid-market Fund. The Fund, Barclays Private Equity European Fund III, has total commitments of €2.4 billion, all of which come from Barclays Private Equity’s existing investors in Europe, the Gulf, Asia and the United States of America.

Tom Lamb, Co-Head of Barclays Private Equity said, “We’re very pleased that our latest Fund has had the same excellent response as Funds I and II.  The strength of the demand meant that we could close the Fund at our desired level of commitments with our existing investor group.  We had the opportunity to significantly exceed this level, but we believe that this is the optimum fund size for our strategy of pan-European mid-market investing. This level of investor support is further testament to our successful track record and the development of our business across continental Europe.” 

Barclays Private Equity European Fund III has received financial commitments of around €1.7 billion from 25 blue-chip investor groups across Europe, the Gulf, Asia and the United States of America, including funds managed by Allianz Private Equity Partners, LGT Capital Partners, Morley Fund Management, Pantheon Ventures, Standard Life Investments and SVG Advisers.  This is in addition to a €650 million commitment from Barclays Capital.

Roger Jenkins, Barclays Capital’s Head of Principal Investments and Private Equity said: “Barclays Private Equity goes from strength to strength, and Barclays Capital is delighted to continue to support its great success with this €650 million commitment to Barclays Private Equity European Fund III.”

As with the second Fund, Barclays Private Equity’s intention is to invest Fund III in businesses throughout Europe –  predominantly the UK, France, Germany, Italy and Switzerland. Barclays Private Equity has developed sector expertise in Financial Services, Healthcare, Support Services and Consumer & Travel in the UK  and pursues a more generalist approach in continental Europe.

Lamb said: “Our strategy remains unchanged - to concentrate on mid-market buy-outs up to €500 million with a core focus on deals between €25 million and €250 million.  Our 2005 Fund is now over 85 per cent committed with more than 25 per cent of drawn capital already returned to investors.  Our 2002 Fund has already returned over 150 per cent of drawn capital.”

Recent Barclays Private Equity Funds investment highlights include:

Buyouts

• Euro Fiditalia (Italy): In September 2006, Barclays Private Equity's Milan office completed the acquisition of a majority stake (56 per cent) of Euro Fiditalia, a market leader in the provision of secured personal loans. Since then the company has made six acquisitions in the same sector.
• Converteam (France): In November 2005, Barclays Private Equity’s Paris office led the buyout of Converteam from ALSTOM.  Converteam is a world leader in power conversion engineering, developing systems and equipment which convert electrical energy into mechanical energy including drives, controls, motors and generators.

Exits

• LSL Property Services plc (UK): In November 2006 LSL achieved a listing on the London Stock Exchange's market for listed securities. The market capitalisation at listing was £211 million.   LSL is one of the UK’s leading estate agency/surveying companies.  Barclays Private Equity arranged the £60 million MBO in July 2004 and its managed funds retained a 29 per cent stake at the time of listing.
• TUJA Group (Germany): In June 2007 TUJA was sold to Adecco for €800 million.  TUJA is one of Germany's leading temporary employment agencies. Barclays Private Equity led the TUJA buyout March 2006 and supported the company through an aggressive buy-and-build strategy in which head count increased by 12,000 in 12 months. 

Barclays Private Equity was advised by Clifford Chance.

Barclays Private Equity Limited is authorised and regulated by the Financial Services Authority.

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Notes to Editors:

Barclays Private Equity is one of the leading investors in mid market buy-outs in the UK and across Europe, with more than 350 transactions to its name, typically ranging in size from €25m to €250m. In the UK, it has a sector focus on Consumer & Travel, Financial Services, Support Services and Healthcare.

Established in 1979, it developed a UK regional network in the early nineties and the first European office, Paris, opened in 1990. In addition to the mid-market buy-out business Barclays Private Equity also has a separate team managing funds targeted at the infrastructure sector.

Barclays Private Equity Limited is authorised and regulated by the Financial Services Authority.

For further information, please visit www.barclays-private-equity.com