UK lower mid-market investor Tenzing Private Equity has reached a final close of its first fund at £200m (€230.3m). The firm was originally targeting £150m.

The fund received commitments from investors in the UK, Europe and North America. The raise, said Tenzing co-founder and joint managing partner Guy Gillon, shows “conviction not only in us but in the UK lower mid-market as a whole, despite Brexit”.

Tenzing will invest its first fund according to the same strategy that it has followed to date, aiming to back fast-growth UK SMEs valued in the £10m to £50m range.

Tenzing intends to grow its investment team during the investment period of the fund, said Gillon. The firm will be recruiting at the investment director and investment manager levels over the next 12 to 18 months.

Tenzing’s most recent deal was its investment in payroll business FMP Global in August 2016.