BC Partners Credit closes $1.2bn Special Opportunities Fund II, smashing $750m target


BC Partners Credit, the credit arm of private equity major BC Partners, has closed its Special Opportunities Fund II on $1.2bn, smashing its initial $750m target.

The vehicle attracted a 100% reup from institutional investors in its predecessor fund.

The firm said SOF II is an all-weather, nimble strategy encompassing illiquid and liquid opportunities. It focuses on private originations and secondary investments in North America and Europe.

Returns of the fund is driven by current income, capital appreciation, structural protections, and monetizing illiquidity premia, it added.

Ted Goldthorpe, head of BC Partners Credit, said, “We are deeply appreciative of the support from our investors in Special Opportunities Fund II. The breadth of our mandate, the differentiated sourcing channels and our focus to provide not only capital, but also deep industry expertise to management teams we partner with, put us in an advantageous position to deploy capital in investments with attractive risk-adjusted returns.”

BC Partners launched its credit strategy in 2017 as an expansion of its capital investment activities. The team pursues a differentiated strategy that pivots opportunistically between private and public market sourced opportunities.

It closed SOF I in the first year of the launch on $200m, according to a report by Buyouts.

BC Partners reportedly hit the halfway point for its €8.5bn-targeting Fund XI raise last October following a record-breaking first close.

The firm had gathered over €4bn at that point according to Bloomberg, which cited unnamed people it said had knowledge of the matter.

The firm launched a €1bn-plus single-asset fund backed by Neuberger Berman to take on its Fund IX investment in publisher Springer Nature in June.

Copyright © 2021 AltAssets

Get the latest PE News & Research delivered to your inbox every morning