By Dasha Afanasieva
LONDON, Dec 5 (Reuters) - Buyout firm Electra Partners hasrenamed itself Epiris, aiming to forge a new future after beingsacked as the portfolio manager for Electra Private Equity earlier this year.
Epiris - a combination of EP for Electra Partners and"Iris", the name of Electra's daughter in Greek mythology - willsplit from listed-Electra Private Equity in May.
The separation comes after activist investor Edward Bramsonfought a long and bitter campaign to join the listed company'sboard as part of a drive to overhaul one of Britain's oldestprivate equity firms.
More than 95 percent of the funds overseen by Epiris camefrom Electra. It is now seeking alternative sources of funds,but has not yet given details on where these will come from.
The UK-focused fund could face a tough time raising cash asBritain's vote to leave the European Union in June has led to aslowdown in private equity activity.
Buyout transactions in Britain had fallen almost 60 percentin the year to November, compared with the same period in 2015,according to Thomson Reuters data.
Uncertainty about the way in which Britain will leave the EUis putting off private equity investors.
Three-quarters of limited partners think a 'hard' Brexit, inwhich tight controls on immigration are prioritised over accessto the EU's single market, would damage Britain, according to asurvey of 110 private equity investors from Coller Capital.
Bramson, whose Sherborne Investors investment vehicle is thebiggest shareholder in Electra Private Equity, had criticisedElectra Partners for a lack of openness and said there was morevalue to be found in the company's portfolio, which includes therestaurant chain TGI Fridays in Britain.
"We are proud of the exceptional returns we have producedfor our investors, including Electra Private Equity PLC and itsshareholders, over the decades" said Alex Fortescue, Epiris'smanaging partner, who has been chief investment partner at thefirm since 2011.
"Our new name retains a link to this heritage, whilst alsoproviding a new identity for our exciting future." (Editing by Mark Potter)
