New firm EMK Capital has begun to raise its first fund targeting £550m (€643.1m), according to filings with the US Securities and Exchange Commission.

The firm was set up last year by Edmund Lazarus and Mark Joseph, veteran dealmakers who previously held senior roles at Bregal Capital and Oakley Capital respectively and who have been friends for a number of years.

EMK will manage a group of Bregal Capital portfolio companies, Real Deals understands, including Stelrad, Cognita, QA, Whittan, BlueStep Bank, Reconomy, Danwood and FiveTen Recruitment.

At least six of the firm’s investment team, including Lazarus, will also be joining from Bregal Capital, with one more Oakley Capital dealmaker aside from Joseph joining the team.

Despite the challenges of convincing LPs to commit to a first-time fund, one source told Real Deals that the fundraising is going well.

A series of other such funds have managed to raise successfully over the last year, including Abac Capital and Tenzing Private Equity.

EMK declined requests for comment.