Hypha Private Equity has announced a £73m (US$95m) first close of its maiden UK and Ireland lower mid-market fund, securing over 70% of its £100m target only three months after launch. Based in London and Manchester, the team will invest in technology, healthcare, and advanced manufacturing SMEs.
Hypha will invest between £3m and £15m in founder-owned businesses across the lower mid-market in the UK, taking minority and majority positions. It aims to make 2-3 investments per year.
“Technology, healthcare, and advanced manufacturing all represent deep markets within the UK that are key to the future of the economy, and we’re particularly focused on supporting businesses in regions, which are often overlooked by traditional PE,” said partner Matthew Evans-Young.
Hypha was founded by Chris Wardle, Matt Pomroy and Evans-Young, who previously worked together at the leading UK investment fund Foresight Group.
Wardle was a senior leader at Foresight, recently leading the sale of Kingsbridge Healthcare to Exponent and the sale of Codeplay Software to Intel. Pomroy helped establish Foresight’s Manchester office and was instrumental in building out Foresight’s presence across the North of England. Alongside his experience leading origination for two investment firms, Evans-Young has held senior operational roles across the startup space, including CFO of Softbank-backed edtech, Atom Learning.
LPs in the new fund include blue chip institutions, endowments and large family offices from across the US, Middle East and the UK. A final close of the fund is expected before the end of the year.
Hypha Partners is an appointed representative of Langham Hall Fund Management.