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Goldman sets new mezzanine fund in motion

10 Sep 2003

Goldman Sachs has put its $2.7bn new mezzanine fund in motion with a $145m contribution to the buy-out of Germany's Bertelsmann Springer. This investment was announced just a day after Goldman closed the largest mezzanine fund ever raised.

The transaction will support the buy-out of the science and trade publishing unit of German media group Bertelsmann, which UK private equity firms Candover and Cinven agreed to buy for E1bn in May this year.

Goldman will fund the bulk of a mezzanine tranche worth a total of around $200m, according to a report by Reuters. This buy-out is the latest in a run of large deals where mezzanine funding has been used to plug the gap between senior debt and equity financing, and it appears to signal a growing requirement and appetite for mezzanine in Europe.

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