Phoenix today announces the final close of its flagship fund, Phoenix Insight Fund III at £570m, exceeding its original hard cap following strong demand from existing and new investors.
The oversubscribed fundraise was completed in just over six months following its launch. Fund III achieved a re-up rate of over 90% from existing investors and welcomed 15 new limited partners, reflecting confidence in Phoenix’s consistent strategy, track record and experienced team.
Investors include public pension schemes, asset managers, insurance companies, fund of funds, and family offices, alongside significant commitments from founders and entrepreneurs Phoenix has partnered with. The Fund’s international investor base spans the UK, continental Europe and North America, as well as its first commitments from Asia.
Phoenix takes a research-led approach to investing in founder-led, lower mid-market businesses across the UK and Ireland, combining proprietary origination with hands-on support to help businesses grow. This approach has delivered a strong track record of realisations: Phoenix Insight Fund I has distributed 2.0x invested capital to investors and achieved an average gross multiple of 3.2x on realised investments.
David Burns, Co-Managing Partner at Phoenix Equity Partners, commented:
“We are delighted with the support for Fund III and grateful for the continued trust of our longstanding investors and the new relationships we have built. It is rewarding that so many founders we have backed have chosen to invest alongside us. They know first-hand how we work and what we bring to a partnership.
Our focus remains on finding exceptional founders, building strong relationships and helping them grow their businesses. We look forward to putting Fund III to work.”
The final close follows recent investments in Medmark, Squarcle and Minerva Virtual Academy, as well as the sales of Logiq to IBM and Mobius to Motive Partners. Logiq marked the first exit from Phoenix Insight Fund II.
