Eighteen48 Partners has already deployed more than €200 million in its independent sponsor strategy since 2020, and the London-based investment firm is now formalising that approach with the first close of its debut dedicated vehicle. The company announced the first close of its Private Equity Fund I at €175 million, targeting a total size of €350 million for European mid-market buyouts.
Fund size and target
The fund, named Eighteen48 Private Equity Fund I, focuses on mid-market buyout opportunities across Europe, with a specific emphasis on transactions sourced through independent sponsors. The €175 million first close marks a significant milestone for the firm, which was co-founded in 2019 by Julien Sevaux, Tarek AbuZayyad and Edward Clive. The fund aims to reach €350 million in total commitments and will be used to invest in off-market private equity deals, building on the track record the firm has established since 2020.
The independent sponsor model in practice
At the core of Eighteen48’s strategy is a distinctive approach to deal sourcing. Instead of competing in crowded auction processes or investing through a fund-of-funds structure, the firm partners directly with independent sponsors at the point of deal origination. Independent sponsors — sometimes described as “fundless sponsors” — are individuals or groups who identify, acquire, grow and exit businesses without a dedicated pool of committed capital. They raise debt and equity on a deal-by-deal basis, appealing to operating executives and private equity professionals seeking greater autonomy.
Eighteen48 provides committed capital that these sponsors can then deploy into specific acquisitions, giving investors direct exposure to individual companies rather than to a manager’s overall portfolio. This model bypasses traditional auction processes and aims for better pricing and stronger alignment between investors and operators. “We see the highly aligned nature of our sponsors, as well as the structural advantages of off-market, relationship-driven deals, as key drivers of our investment outcomes,” said Oliver Mayer, Eighteen48’s head of private equity.
The firm’s peers in this niche include specialist mid-market and independent sponsor-focused platforms such as Kartesia, Flexstone Partners and Idinvest. All have built similar strategies in recent years, but Eighteen48’s distinction is that it has six years of deployed track record in this specific segment — dating back to 2020 — before launching its first formal fund.
Investor base
The first close was backed by a mix of existing clients and new investors, including institutions, family offices and ultra-high-net-worth individuals. Existing clients provided significant re-up commitments, reflecting long-term confidence in the firm’s approach. The fund’s investor base aligns with Eighteen48’s broader positioning as an independent investment office and alternative asset manager that invests its own capital alongside clients, employing an endowment-style, long-term approach. As of May 2025, Eighteen48 Partners Limited had assets under management of $1.9 billion.
The founding partners bring extensive experience. Julien Sevaux, founding partner and CEO, previously founded Stanhope Capital and worked at Lehman Brothers’ Merchant Banking Group and Worms & Cie. Tarek AbuZayyad is a former partner at Stanhope Capital and a director at Credit Suisse/DLJ’s M&A group, while Edward Clive has over 15 years in investment management, including as investment director of a large single-family office and senior director at Stanhope Capital.
Track record and portfolio performance
Since 2020, Eighteen48 has deployed more than €200 million into deals sourced through independent sponsors, giving it a track record in a segment that remains relatively under the radar. As of the announcement, the firm holds a portfolio of 15 active investments with strong performance and has completed three material liquidity events since inception.
Julien Sevaux, founding partner and CEO, said: “This fund formalises a highly differentiated strategy we have been executing within Eighteen48 for a number of years. We are delighted to enter this next phase with the support of both longstanding clients and new investors who share our conviction.” The fresh capital will be used to expand the firm’s investment activity across Europe, backing a diversified portfolio of mid-market companies with the aim of delivering strong risk-adjusted returns from deals that are often overlooked by larger conventional funds.
Eighteen48 Partners is incorporated in England and Wales under registered number 11593850 and based at Montpelier House, 106 Brompton Road, London SW3 1JJ.
