Liberty owner BlueGem looks to triple LP capital with €400m Fund II


LibertyThe private equity owner of historic London department story Liberty is reportedly looking to triple its capital under management through a €400m fundraise.

BlueGem Capital Partners has already informed LPs in its €200m debut fund about the new vehicle according to Dow Jones, which cited three people familiar with the matter.

It added that FirstPoint Equity was acting as a placement agent for the fundraise.

BlueGem, which spun out of Merrill Lynch Global Private Equity at the end of 2006, targets mid-market businesses in Western Europe, primarily through equity investments of between €10m and €40m.

The firm agreed a £48.7m buyout of historic department store Liberty in 2010, paying 186 pence per share for the listed business.

Liberty was established in 1875 by Arthur Liberty with a £2,000 loan.

The iconic mock-Tudor shop front was built in 1924 using timbers from ships the HMS Impregnable and HMS Hindustan.

Copyright © 2013 AltAssets