Ropes & Gray Advises Limerston Capital on Second Fund Close

Ropes & Gray has advised Limerston Capital, a UK mid-market private equity firm, on the final close of its second fund, Limerston Capital Partners II (the “Fund”), with total commitments of £245 million, exceeding the size of its inaugural fund.

The Fund will follow Limerston’s proven strategy of targeting businesses with EBITDA of between £5 million and £15 million that have a solid value proposition, but have potential for operational improvements and provide opportunities for buy-and-build led by ambitious management teams to accelerate growth. The increased size of the fund will allow Limerston to maintain a low volume approach to platform investments while increasing capital deployed in buy-and-build across the core sectors of Healthcare, Lifesciences, Business Services and Testing, Inspection, Certification & Compliance (TICC). The Fund has already completed three investments: Scottish holiday parks company Largo Leisure; drug discovery, development and manufacturing organisation Concept Life Sciences; and stability storage business Astoriom.

The investor base includes commitments from both existing and new limited partners from across the US, Asia and Europe and includes corporate pension plans, university endowments, charitable foundations, family offices, and fund managers.

The Ropes & Gray team was led from London by private funds partner Tom Alabaster with private funds associates Kayla Fourie, Yasmin Anwar, Andrew Davis and Luiza Galbraith (trainee) and regulatory partner Eve Ellis and regulatory associate Tegan Shyne.