Electra Partners made record return before split from main investor

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The London-based private equity manager, which this week rebranded as Epiris, made a record gross return of £751 million on its investments for Electra Private Equity over the 12 months to the end of September.

Alex Fortescue, managing partner of Electra Partners, said in the results statement that the investment performance was driven “by the success of our approach of buying attractive businesses well and then transforming them through M&A and strategic and operational focus and change”.

The results cover the period just prior to Electra Private Equity announcing in October that it would end its exclusive relationship with Electra Partners. The firm’s rebrand to Epiris, announced on December 5, followed Electra Private Equity’s decision.

In the year ended September 30, Electra Private Equity received £903 million from the sale of portfolio companies – another record – with a further £91 million since the year-end taking the total to over £1 billion, it said in a statement. It recorded a total return on investments of 35% for the year, taking Electra Private Equity’s total net assets to £2.1 billion.

Chairman of Electra Private Equity, Neil Johnson, said that it had completed the first part of its review and that the second stage of that review would be done after its arrangement with Electra Partners has ended. Electra Partners will continue to manage Electra Private Equity’s investments until May 31, 2017.

In the future Electra Partners will need to raise fresh third-party capital if it wants to do new deals. A spokesman for the firm declined to comment on possible fundraising plans.

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