Tenzing Private Equity has raised £400m for its second private equity fund, in a process that was fully virtual and completed in nine weeks.
Tenzing II will build upon Tenzing Private Equity I (Tenzing I), with an aim to support and invest into high-growth, tech and tech-enabled businesses.
The launch of the fund raising came at a globally uncertain and uncomfortable time for everyone and we were not immune to this.
The group noted that it was “nervous” about the equity round, in light of the “global uncertainty” caused by the pandemic.
Its investors, however, “share our conviction in the ability of founders and entrepreneurs to build tech and tech-enabled niche market leaders from the UK, Ireland and Northern Europe”.
The raise rounds off a “busy period” for the group with Charlie Taylor joining the group as marketing and community director, while John Messer and Milan Kellner have joined as investment leads.
Christian Hamilton, founder and co-managing Partner said: “We’ve been overwhelmed by the support and vote of confidence that existing and new investors have given us. Cliched as it is, this was a huge team effort where everyone stepped up.
“Our amazing portfolio companies have performed so well in such a unique and challenging time, and this meant the Tenzing team could dedicate time to the raise and develop ninja-level Zoom skills.”
He added: “We are so excited about the next chapter in the Tenzing journey and are privileged to share the journey with an amazing team. Thank you to everyone.”