Black Toro II holds €136m first close

In mid-November, following the launch of BTC Fund II, the firm announced it was seeking a €200m first close in Q1 2016. A source close to the GP told unquote" the target remains as a second close goal.

The fund comes with a €350m target and a €400m hard-cap. According to the source, Black Toro is positive that the latter could be reached before the end of 2016, when fundraising is expected to conclude.

BTC Fund II features a lifespan of seven years and two one-year extensions; the investment period will span three years. The fund is the latest addition to the Spanish landscape despite mounting concern from local players that foreign appetite for the country's vehicles is on the wane.

Investors
To date, BTC Fund II's most prominent LP is Allstate, a US-headquartered insurance company that committed €73m via its private equity arm. Along with prior contributions to BTC, Allstate has provided a total of €111m to the GP's funds.

The insurer is followed by the University of Michigan, which just committed €50m to the fund.

The LP base, featuring investors from both Europe and the US, includes private and public pension funds, foundations and family offices.

In addition, BTC has announced it will provide a €10m commitment to the fund.

Investments
BTC Fund II will secure controlling stakes across companies where, in spite of a proven business model, there is a need for financial and management restructuring. The sector-agnostic fund will deploy an average of €20-50m into companies headquartered in Spain and is expected to ink its maiden deal in the coming days, unquote" understands.

The launch of the fund comes as BTC deployed more than €80m in 2015 to date, both on a standalone basis and alongside other investors. The latest company to be backed was carbon fibre manufacturer Carbures, an existing portfolio company that received a €30m injection in September.

People
BTC is led by managing partner Ramon Betolaza, as well as partners Carlos Tusquets, Ignacio Foncillas, Jose Manuel de la Infiesta and operating partner Juan Molins Monteys.

 

 

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