Tenzing - Tenzing Fund II

Tenzing made headlines for completing PE's first entirely virtual buyout fundraise, doubling the size of its first fund: the firm held a first and final close at its hard cap of £400m for Tenzing Fund II inside of nine weeks. The launch of Fund II, in April 2020, came at a globally uncertain time for everyone. Tenzing said it put a great deal of consideration into timing with its placement agents, Evercore, and checked in regularly with its existing investors in the weeks leading up to launch. The fund was raised entirely virtually, using software such as Slack and Zoom to run up to four virtual onsites a day and catering for time zones from East to West. Tenzing said all of its existing LPs were supportive of the fundraising, with 90% ultimately re-upping. The amount of capital coming from UK investors also grew significantly compared to the first fund (+250%).