London, May 7, 2024 – Proskauer, a leading international law firm, today announced that it advised Apiary Capital LLP on the closing of its second fund, Apiary Capital Partners II. The fund reached a final close of £240 million in total commitments, substantially exceeding its target.
Apiary Capital Partners II will focus on the UK lower mid-market targeting asset-light businesses with defensive characteristics across fragmented markets in the business services, financial and technology services, healthcare, and education sectors.
The fund received significant support from existing LPs and welcomed several new institutional investors. The fund’s investor base includes endowments and foundations, public and private pensions, consultants, fund of funds, and family offices, with around 60% of investors from the United States and the balance from the UK and Europe.
Proskauer had previously advised Apiary Capital on its debut fundraising in 2018.
The Proskauer team was led by partners Edward Lee and Nigel van Zyl and included associates Duncan Evans and Imaan Gangi and Sharanya Sukumar (Private Investment Funds). The team also included partner Mary Kuusisto (US Tax), partner Stephen Pevsner (UK Tax), partner John Verwey and special regulatory counsel Amar Unadkat (Regulatory).
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