A private equity fund targeted at investors such as family offices has had its first closing.

UK-based asset manager Gresham House has held the first closing of a private equity fund with commitments, including co-investment contributions, of £24 million ($30.9 million).  

The SPE Fund LP makes Gresham House Asset Management’s Strategic Public Equity investment strategy accessible to investors who favour limited partnership structures, including private equity fund investors, family offices and ultra-high net worth individuals, Gresham said in a statement yesterday.

The SPE Fund LP will be a sister fund to Gresham House Strategic, with both vehicles investing and divesting in the same opportunities. Both will be managed by the same investment committee and investment team, led by Tony Dalwood and Graham Bird.

The increased size of the shared SPE mandate will enable the investment team to combine the investment capacity of GHS and the SPE Fund LP to access larger deals of greater unit size, Gresham said.