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Beechbrook confirms Fund II close by end of June, currently has €110m

17 Jun 2014

Nick Fenn BeechbrookBeechbrook Capital has held a €110m close for its second fund and is just a couple of weeks from closing off the vehicle.

AltAssets revealed earlier this month that the UK-based firm would close Beechbrook Mezzanine II by the end of June, eyeing up to €120m for the vehicle.

The second close has seen two new investors join and three of Beechbrook’s existing backers increase their commitments. The fund now has eight institutional investors, Beechbrook said.

Beechbrook has already passed its €100m fund target and recently completed two investments using the vehicle.

They were loans to support the buyout of Italian-themed restaurant chain Gusto by Palatine Private Equity and the purchase of American by Emeram Capital Partners.

Those deals mean Beechbrook has now made five investments from Fund II and expects to close two more in June.

The firm has also strengthened its team by hiring new associates David Deregowski from Lincoln International and Adam Moore from Ares.

Beechbrook partner Nick Fenn, pictured, said: “The direct lending opportunity in the lower mid-market remains very exciting.

“We are seeing an increase in enquiries from potential borrowers, due to the continuing dearth of funding available to lower mid-market companies from banks and mainstream institutional lenders.

“We are also seeing increasing interest from institutional investors looking for exposure to this part of the debt spectrum.

“We are growing our team accordingly.”

Beechbrook currently has more than €200m of assets under management.

The firm’s debut vehicle was formed through separate funds raised in 2010, 2011 and 2012, and has invested across 16 assets.

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