Synova hits £365m hard cap for Fund IV

London-based PE firm Synova Capital has hit at £365m hard cap to close its fourth buyout fund after just three months of fundraising.

The oversubscribed fund has surpassed its predecessor fund, Synova Capital Fund III, which closed on a £250m hard cap in 2016.

The firm will use Synova IV to invest between £10 and £60m in companies operating in the financial services, business services, and health & education sectors.

FirstPoint Equity served as advisors for the fundraise, while Macfarlanes and Nixon Peabody provided legal support.

In an official statement, Synova co-founders and managing partners Philip Shapiro and David Menton said, “We are delighted to announce the raising of Synova IV having demonstrated market-leading returns over the past decade from a series of high-quality and exciting growth investments across the UK and Ireland.

We are extremely grateful for the continued support of existing partners, and the conviction shown towards Synova by our new investors, which we believe recognises the quality of the Synova team and the partnerships we build; the strength of our track record; and our unrelenting investment discipline.”

Over the last 12 months, Synova has used its Fund III to make three platform investments and 30 bolt-on acquisitions. Earlier this year the firm made a significant investment into video game publisher and developer Mediatonic.

The firm has invested into a number of FinTechs and InsurTechs in the past. Its portfolio includes travel insurance platform AllClear Insurance, automated tax platform Meritsoft, and insurance broker Stackhouse Poland.

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