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Former GE Equity head closes new fund at '225m.
(From Financial News (Daily))
Andrew Beaton, the former head of GE's private equity arm GE Equity, has made the first closing on the first fund from his new firm, Langholm Capital Partners, at '225m ($222m), with a cornerstone investment from Unilever.The global household goods company has commited '100m to the fund, which has an ultimate target of '300m. Beaton said other investors include pension funds, insurance companies and banks. It does not include high net worth individuals, nor does he expect it to in future. The firm is using placement agents to help raise the fund: Susan Lloyd, formerly of Schroder Ventures (now called Permira), and Rabobank, which is also the fund's co-sponsor.
Beaton said: "The head of a captive private equity operation like GE Equity doesn't move up the line, usually because he isn't very interested in the corporate world and doesn't want to. I was in that situation and I was looking for new challenges."
The current environment makes raising a fund from third-party investors a considerable challenge. According to figures just published by the European Private Equity ...
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