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Kreos Capital closes fourth growth debt fund on increased €240m ceiling

11 Sep 2013

distribution-euro_sqLondon-based growth debt provider Kreos Capital has held a €240m final close for its fourth vehicle thanks to backing from 20 limited partners.

The commitments mean Kreos Capital IV comes in above the €200m it gathered for its predecessor vehicle, a target it initially hoped to close the latest fund on by the end of last year.

The firm said it increased the fund size “in light of a growing range of opportunities and strong market demand” for its debt products.

AltAssets revealed in January last year that the firm had held a €120m first close for the fund.

Kreos said the final close enabled it to target €600m of lending over the full commitment period of the fund to more than 100 fast-growing companies in Europe and Israel across all stages and a wide range of industries.

It said Kreos IV would be used to commit to single transactions of up to €15m, with potential for providing €20m to €30m in some cases as companies develop.

Kreos IV has already committed some €150m to 40 high-growth companies since it started investing in the second quarter of 2012.

General partner Marten Vading said, “Kreos’s growth debt facilities are an excellent fit for many of this market’s later stage growth companies.

“We enable our equity sponsor partners to keep the continuity of their boards, their strategies and exit horizons while giving the management teams the capital they need to keep up their growth  trajectories all the way to a profitable exit without giving away control.”

Last month consumer taxi app GetTaxi closed its $12m Series C led by Kreos alongside participation from existing investors.

The company also launched its service in New York City, adding to its presence in Jerusalem, London, Moscow and Tel Aviv.

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