UK-based lower mid-market firms Synova Capital and Next Wave Partners are looking to take advantage of strong fundraising conditions to raise larger pools of capital.

Synova Capital has returned to the fundraising trail as it looks to raise almost twice as much capital as it collected last time. The firm, which is currently speaking with existing investors about the vehicle, will target £200 million for its third fund, according to people familiar with the matter. The fundraising comes just over two years after the firm collected £110 million for its second fund, which was significantly oversubscribed and raised in less than three months, according to a statement at the time.