5m to 200m AUM Buy-Out & Growth Stage fund manager in 3 years

True Founders, Matt Truman and Paul Cocker, have built a retail and consumer focused buy-out and growth investing fund manager. True is Europe’s only retail and consumer sector specialist that operates across the entire investment vertical, investing out of its private equity buyout fund alongside running a sector specific innovation Hub. True has total funds under management of £200m and invests in retail and consumer sector business models which represent the future of the industry.

The working relationship between Mainspring and True began in 2013 with the private equity and growth sides of the business, and developed through Funds I and Fund II. Fund II closed on £110m, significantly above target, in April 2017. Investors have found the proposition extremely compelling, with Fund II being raised without a placement agent only 16 months after the close of Fund I. Mainspring has been Fund Administrator for the True and administers Fund I, Fund II and associated structures.

True investment activity is focused on retail and consumer markets and is underpinned by both founders’ corporate finance, research and investment banking experience in these sectors. True’s Live Network is a recognised advantage for the firm, bringing together its private equity companies, startup innovators, investors and leading industry partners to add value, both strategically and operationally, across the retail and consumer spectrum.

Stephen Geddes, CEO of Mainspring Fund Services said:
“We are proud to work for the True team and couldn’t be happier for their success. True is a sterling example of how a team focused on a particular market, with deep industry networks, can quickly establish itself in the market and gain traction with investors. We look forward to working together across the next cycle, delivering an assured, flexible back office service for True and its investors.”

Paul Cocker, Co-Founder, True said:
“It has been a pleasure to work with the Mainspring team. From inception through to our latest fundraise, we have been able to depend on them to take the weight of back office accounting, administration and reporting. This has enabled us to focus on building the business and supporting our portfolio. I can recommend Mainspring to any fund managers that are looking to grow and need a fund administrator that understands how to help make this happen.”

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