Preservation Capital closes third fund at €877M hard cap
What's the deal? London-based private equity firm Preservation Capital PartnersDealroom has a profile for this one. Try Dealroom → (PCP) has held the final close of its third fund, PCP Fund III, at its hard cap of €877 million (about US$1 billion). The oversubscribed fund is roughly double the size of its predecessor.
Who backed it? Fund III drew commitments from pension funds, insurance companies, asset managers, endowments, foundations, and family offices. Existing investors returned, alongside new backers from the UK, North America, Continental Europe, the Middle East, and Asia.
What's the endgame? The fund will extend PCP's strategy of investing in mid-market businesses across Western Europe, focused on asset-light business and financial services companies.
Who advised? Carey OlsenDealroom has a profile for this one. Try Dealroom →'s Guernsey corporate team led on the fund close, working with onshore counsel Kirkland & Ellis. The Carey Olsen team was led by partner Rachel de la Haye, with senior associate Oliver Orton and associate Nicola D'Amico.
De la Haye said the close "is a testament to the strength of Preservation Capital Partners' investment strategy and market reputation." She added that the raise "highlights the continued appeal of Guernsey as a jurisdiction of choice for private equity fund managers and international investors."
The signal: Doubling a fund's size and closing oversubscribed at hard cap points to sustained investor appetite for European mid-market private equity, particularly in capital-light sectors — and reinforces Guernsey's position as a base for cross-border fund structures.
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