Investment into Pirum

RNS Number : 5253P

Schroder British Opportunities Tst.

21 June 2022

 

Schroder British Opportunities Trust plc

Investment into Pirum

Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased to announce it has made an investment into Pirum Systems Limited ("Pirum"). Pirum is a leading provider of post-trade automation and collateral management technology for the global securities industry. SBO invested via Schroders' long-standing investment partner Bowmark Capital, a UK based technology and services investor. Bowmark Capital first invested in Pirum in 2019 and has now re-invested alongside Hg Capital, who acquired a co-control stake in the company.

Pirum was founded in 2000 to provide advanced, centralised and secure reconciliation services for financial market participants. Pirum's software provides a secure processing hub which seamlessly links industry participants, allowing them to process and verify key transaction details electronically.

This investment is in line with SBO's focus on backing high-quality, high growth UK founded businesses, supported by strong underlying growth trends. Pirum has a unique market position from which it is expanding its services globally.

With its strong ESG focus, the Company intends that the activities of each of the investee companies in its portfolio will be consistent with the achievement of at least one of the United Nations' Sustainable Development Goals ("SDGs") or Sub-Goals. The investment in Pirum addresses SDG 16 "Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels" , through its focus on ensuring the implementation of regulations and transparency requirements through fast and correct information access/ sharing across counterparties.

Tim Creed, Head of Private Equity investments at Schroders, commented: "We are delighted to announce SBO's ninth private equity investment, following which the Private Equity % allocation in SBOT represents approximately 49% of Gross Asset value[1]. This further increases to 59% of Gross Asset Value when including undrawn commitments which we expect to be called over the next 1-3 years as the portfolio companies execute against their business plans and complete on accretive M&A opportunities. Pirum is a business that we have known for several years through our relationship with Bowmark. We see this as an exciting opportunity to back a market leader with significant potential for further growth through global expansion and investment in additional innovative offerings."

Enquiries:

Schroder Investment Management Limited Paula Lockwood (Company Secretarial) Estelle Bibby (PR)	020 7658 6000
Peel Hunt   Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)   Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)	020 7418 8900

About Schroder British Opportunities Trust plc

Schroder British Opportunities Trust plc has been established to invest in a diversified portfolio of both public equity investments and private equity investments consisting predominantly of UK Companies with strong long-term growth prospects.

ESG company engagement is a key feature of the Company's investment strategy. The Company's focus is on companies with business models which are considered to be sustainable in terms of both the longevity and durability of their businesses and their environmental, social and governance (ESG) behaviours.

The Company's ordinary shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority and have been admitted to trading on the main market for listed securities of the London Stock Exchange in December 2020 under the ticker "SBO".

Further information on the Company is available at  www.schroders.com/sbo.

About Bowmark

Bowmark Capital is a leading private equity firm that invests in UK services and technology companies. Established in 1997, it manages and advises funds of over £1.5 billion and has made more than 50 investments.

With its strategic support and capital, Bowmark works in partnership with management teams to accelerate growth and build exceptional businesses. Find out more at www.bowmark.com

Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.

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[1] % calculated using 6th of June 2022 GAV with Private Equity valuations as at 31 December 2021

 

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