London, 24 June, 2019 - MJ Hudson announced today that it advised Endless LLP (Endless) on the final closing of Enact II (the Fund), securing total commitments of £30 million. The Fund will provide transformational investment of up to £5 million in UK SMEs, and is Endless’ second SME focussed fund, building on the success of Enact I, which closed in 2013.
Commitments to Enact II were secured from a mix of investors in Enact I and a select number of new investors to Endless. Structured to include a parallel co-investment fund, the Fund also received commitments from the wider Endless team.
As part of an integrated advisory service, MJ Hudson Law provided legal advice from London, leading on the structuring and establishment of the Fund, advising on associated UK tax and regulatory issues and the closing of the fundraise, whilst MJ Hudson’s Fund Management Solutions team advised Endless on investor relations matters, including assistance with the drafting and design of the PPM. This combined legal and investor relations offering streamlined the process of the Fund establishment and enabled an efficient fundraising process.
Shervin Shameli led MJ Hudson’s legal team, with support from Daniel Lewin, Christopher Dearie, Paul Durban, Ross Manton, Jacob Freeman and Jake Fleming. Matthew Craig-Greene and Nick Gordon led MJ Hudson’s Fund Management Solutions team, with support from Daniel Daines and Vicky Elliot.
Commenting on the closing:
Simon Hardcastle, General Counsel of Endless LLP, said: “This was our first engagement with MJ Hudson and we are delighted with how they handled the fundraising process. The team had great energy and enthusiasm for the project and were always available when we needed them. The ability to offer design and marketing input on the PPM alongside handling the legal content is a real point of differentiation. It took the strain off our internal fundraising team and allowed us to focus on other areas. This really helped us achieve an efficient fundraising process.”
Shervin Shameli, Partner of MJ Hudson Law, said: “We are delighted to have worked with the team at Endless to help them achieve a successful fundraise for Enact II. The closing demonstrates the considerable success achieved by Endless through Enact I and the team more generally, as well as the appetite which investors have for the UK SME market with top-performing fund managers. We look forward to seeing Endless’ continued success through the deployment of Enact II.”