Fund closes £70m ahead of target size
The industrial focused investment vehicle, set up by entrepreneur Jim McColl, had an initial target fund size of £350 million which was "significantly oversubscribed" at final close.
In total, 62 per cent of the total investment came from US investors and 38 per cent from Europe.
East Kilbride-based Clyde Blowers Capital launched in 2011 and was the finance vehicle which sold McColl's Clyde Union Pumps to US-based SPX Corporation in a £750million deal.
The investment company said its latest funding round, Fund III, has helped it expand its core investor group to now include university endowments, pension funds and fund-of-funds.
Chief executive and chairman of Clyde Blowers Capital, Jim McColl, said: "This is a significant event in the evolution of Clyde Blowers Capital which allows us to continue to focus on investing in European and US based assets that provide mission critical technologies and equipment, have strong aftermarket opportunities and can be developed on a global basis to serve their key end user markets, both emerging and established.
"Investment funds can take up to three years to reach target size. Our Fund III has done this in only nine months.
"Past private equity models had high reliance on financial engineering, but outside investors are now looking for added value from an operational team.
"The skill and knowledge we have appeals to these other investors. We have massive operational experience across the engineering sector of the power industry including nuclear, oil and gas and metals and minerals. We understand the economic agenda and how the competition operates.
"With the major changes that are taking place in the global economy, it is doubtful that the old model of funders supplying money without operating expertise will ever comeback. This is the new world."