We are delighted to report that Mainspring has been appointed as fund administrator for True’s third investment fund of £275m and seed-stage fund which has initial commitments of £40m at first close. In addition to existing funds brings total AUA, in just five years, well in excess of £600m.
True’s PE fund takes majority and minority positions, investing up to £50m, in future-fit, digital-first businesses that are capitalising on the shift in consumer behaviour – the core component of True’s investment strategy, whether that is the move to more sustainable brands or the channels through which people shop. It recently made its first investment from this new fund in D2C energy drink business Sneak to add to its growing portfolio that also includes Ribble Cycles and online furniture retailer The Cotswold Company.
True’s Seed fund invests in exciting digital-first breakout brands, marketplaces and retail and consumer technologies at pre-seed to Series A that represent the future of consumer behaviour, such as men’s make-up brand Warpaint for men and sustainable paint business COAT.
Commenting on Mainspring’s appointment, Will Pearson, True’s CFO said “True has relied on Mainspring since inception for fund administration and it was without hesitation that we turned to Mainspring for our latest funds. Mainspring delivers continuous innovation particularly with respect to service transparency and use of technology, which aligns with True’s own beliefs. In addition, the Mainspring Investment Platform that has enabled additional low-cost fund structuring flexibility has been of considerable benefit to our strategy.”
Neil Clark, Mainspring’s COO, commented “True adds value well beyond capital and investment returns to its portfolio brands and LP’s through its unique business model and sector specialist ecosystem. Its sector-specialist community bridges the gaps between innovative tech startups, new, growing and established consumer businesses, as well as some of the world’s largest retails. Through this end-to-end view of the landscape, it delivers a flow of insight, best practice and business growth for all. We are delighted to have been appointed as fund administrator for both its new funds this year.”
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