CBPE announces First and Final Close of CBPE Fund XI at £714m Hard Cap
27-03-2025
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Fund XI successfully reached its hard cap of £714 million, achieving a first and final close within four months of launching. This marks a 27% increase over the previous fund and reflects a significantly oversubscribed fundraising effort, with strong backing from existing investors and the addition of select new investors from the US, Europe, and Asia.
closed at the hard cap
increase in fund size from prior fund
months from launch to close
re-up rate in oversubscribed fundraise
CBPE Capital LLP ("CBPE"), a leading UK mid-market private equity firm, today announces the final close of its latest fund, CBPE Fund XI ("Fund XI"), at its hard cap of £714 million. The fundraise was significantly oversubscribed, resulting in a first and final close within four months of launch.
Fund XI represents a 27% increase from CBPE’s prior fund, CBPE Capital Fund X, which closed at £561 million in November 2020. The latest fund received strong support from existing investors and select new investors with whom CBPE had longstanding relationships. New capital commitments have diversified the geographic profile of CBPE’s investor base by strengthening existing markets like the US and the Nordics, and adding investors in new markets e.g., Australia.
Fund XI will continue CBPE’s established strategy of investing in primary buyouts, backing growing, cash-generative UK & Ireland headquartered businesses with enterprise values of up to £175 million. CBPE follows a high-conviction, low-volume investment strategy with a disciplined approach to pricing and ambitious value creation plans. CBPE’s core sectors include- Business Services, Financial Services, Healthcare & Pharmaceuticals, Industrials, and Technology.
The close of Fund XI follows a busy six months for CBPE, where the firm announced four new platform acquisitions including the intellectual property firm HGF, the clinical homecare services business HealthNet Homecare, the wealth management firm Clifton Asset Management, and the legal services provider HF. In addition, CBPE announced the exit of Centralis, a leading international alternative asset and corporate services provider, delivering 5.3x MoC.
Since becoming an independent firm in 2008, CBPE has achieved a total realised return of 3.4x gross MoC and an average realised gross IRR of 31.3% across 20 exits. CBPE has continued to distribute capital back to its investors with three exits in the last twelve months. Notably, the first seven exits from Fund IX (2016 vintage) have delivered strong proceeds, generating a blended return of 5.2x MoC.
We are incredibly grateful to both our existing and new investors for their strong support in Fund XI. The high re-up rate and interest from new geographies reflects confidence in our focused investment strategy and strong track record. We remain committed to identifying and partnering with high-quality businesses in the UK lower mid-market and supporting ambitious management teams on the next phase of growth.
A huge thank you to all of our limited partners for their conviction in CBPE’s strategy and culture, and for their continued trust in us. It is a significant achievement for CBPE to have closed the fund in less than four months post-launch and we do not take that for granted in this current market. We look forward to a long-term partnership with our investors as we strive to continue delivering exceptional returns.
CBPE Fund XI secured capital commitments from a diverse and global network of existing and new institutional investors, including insurance companies, public and private pension funds, sovereign wealth funds, family offices, asset managers, endowments and foundations.
CBPE was advised on the fundraising by Rede Partners. Macfarlanes LLP served as legal counsel for CBPE Fund XI.
For more information, please contact Laura West (Head of IR):
