British private equity firm Apse Capital Ltd. announced Wednesday the successful close of its €350 million ($370.1 million) continuation fund. The fund, led by J.P. Morgan Asset Management, will acquire three companies—TerraQuest, Kallidus, and Ultima Business Solutions—from Apse’s existing Bridge Fund to support their growth and pursue strategic mergers and acquisitions.

Portfolio Companies Poised for Expansion

The fund’s focus is to provide TerraQuest, Kallidus, and Ultima with resources to build on their market positions and explore new opportunities:

• TerraQuest delivers software solutions and technical data services for the U.K.'s land and property sector.
• Kallidus is a SaaS human capital management platform catering to over 1,200 mid-market customers in the U.K.
• Ultima Business Solutions provides IT infrastructure and managed services to public and private sector clients.

Apse Capital Managing Partner Tim Green highlighted the importance of the fund in driving the next phase of these companies’ growth.

“We are delighted with the successful closing of the continuation fund and grateful to our investors for their support. We look forward to continuing our journey with the leadership teams of TerraQuest, Kallidus, and Ultima to unlock further value,” Green said.

Apse Capital Closes €350M Continuation Fund : Key Players in the Fund

The continuation fund was spearheaded by J.P. Morgan Asset Management with legal counsel from DLA Piper. A mix of secondary and primary investors participated, with significant backing from Apse’s existing limited partners.

Apse Capital was advised by Weil Gotshal & Manges LLP, with a legal team led by private funds partners Peter Boulle and James Bromley, alongside tax and regulatory experts.

Apse Capital Closes €350M Continuation Fund : About Apse Capital

Founded in 2019 and based in London, Apse Capital specializes in tech-enabled B2B information and services businesses across high-growth sectors in Europe. This continuation fund aligns with the firm’s strategy to invest in innovative companies and support their expansion.

Legal Counsel

Weil Gotshal’s team for Apse Capital included tax partners Aron Joy and Andrew Morris, private equity partner Lewis Blakey, and regulatory partner Marc Schubert. Full details on DLA Piper’s advisory team for J.P. Morgan Asset Management were not immediately available.