O’Melveny Represents Livingbridge in Lower Mid-Market FundOctober 13, 2015 FOR IMMEDIATE RELEASE
O’Melveny & Myers LLP
LONDON--OCTOBER 13, 2015 --O’Melveny & Myers LLP advised long-standing client Livingbridge on its recently closed lower mid-market fund, Livingbridge Enterprise 2 (the “Fund”), focused on smaller buyout and growth equity transactions in the United Kingdom.
The in-demand Fund reached its first and final close at the £220 million (approximately US$335 million) hard cap in September 2015, less than three months after commencing negotiations with potential investors. The Fund succeeds Livingbridge Enterprise 1, a 2013 vintage fund of £50 million (approximately US$76 million), which was formed to co-invest in deals with venture capital trust investments managed by Livingbridge.
The Fund will initially invest in transactions requiring £5 million to £10 million (US$7 million to US$15 million) of equity, while transaction enterprise values for the Fund are anticipated to be in the range of £10 million to £20 million (US$15 million to US$30 million). Most of the Fund’s limited partners are existing investors in Livingbridge funds from the United Kingdom, Europe, and United States; however select new limited partners also were admitted.
O’Melveny’s team was led by partner John Daghlian and counsel Aleksander Bakic and Angela Yung, with support from associate Dorota Maj and trainee solicitor Nadja Huber.
Livingbridge has been investing in the UK lower mid-market since 1997. Livingbridge is a private equity manager independently owned and run by its senior team. It currently has £1.5 billion funds under management and has invested in 99 unquoted UK businesses since 1999.
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