Preservation Capital Partners Closes PCP Fund III at Hard Cap, Raising €877m (c.$1Bn), Oversubscribed in Record Six Months
Preservation Capital Partners (“PCP”) today announced the successful final close of PCP Fund III (“Fund III” or the “Fund”) at its hard cap, raising €877 million (c.$1.0 billion), achieving an oversubscribed raise in a record six-month period. The raise marks a significant milestone for the firm, approximately doubling from its predecessor fund which closed in 2024.
The Fund attracted commitments significantly in excess of its hard cap, enabling PCP to complete the raise in the fastest fundraising timeline in the firm’s history.
Fund III saw strong demand from a high-calibre, global pool of institutional investors, including pension funds, insurance companies, asset managers, endowments, foundations and family offices. Existing PCP limited partners provided substantial backing, reflecting their continued confidence in the firm’s strategy and track record, while a significant number of new investors joined the platform from the United Kingdom, North America, Continental Europe, Middle East and Asia.
“We are delighted with the outcome of this fundraise and deeply grateful for the conviction shown by our investors,” said Jatender Aujla, Founder and Managing Partner at PCP. “To reach our hard cap on an oversubscribed basis within six months, against a difficult market backdrop, is a strong endorsement of our team, our strategy and the relationships we have built. We are equally pleased to welcome a substantial cohort of new institutional investors alongside our long-standing partners.”
Fund III will continue PCP’s established strategy of investing in mid-market businesses in Western Europe that operate within the asset-light (“non-capital intensive”), Business and Financial Services sectors.
Evercore acted as strategic adviser and global placement agent and Kirkland & Ellis acted as legal counsel to PCP on the fundraise.
About Preservation Capital Partners
Preservation Capital Partners (PCP) is a sector specialist mid-market private equity firm focused on investing within Financial and Business Services across Western Europe. PCP was founded in 2017 and currently manages c.€3bn of AuM.