Private equity firm Endless has raised £100m for its third Enact fund to invest in UK SMEs.
Enact seeks to invest in businesses that face challenging situations and that do not meet the investment criteria of traditional private equity or bank funding.
It aims to drive change through the investment of capital, partnering with management, providing operational expertise, offering hands-on support and focusing on value creation.
Enact III will principally target businesses based in the UK with an investment requirement of up to £10 million (an increase from £5m in Enact Fund II).
It is set to back a range of transaction types and circumstances, including turnarounds, financial and operational restructurings, the disposal of non-core assets, complex carve outs and challenging buyouts.
The predecessor fund, Enact II, has invested in eight UK businesses to date. These have included hydraulic cylinder manufacturer Edbro, coatings manufacturer Bartoline and apprenticeship training provider Realise, with the Fund also delivering a first exit of Redhall Networks for a 4x return.
The Enact III raise follows the £400m that was secured for Endless V in early 2021.
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