Black Toro holds €235m final close for second fund

The final close for BTC Fund II comes six months after the fund held a second close on €160m and around a year after it held a first close on €136m.

The total commitments raised for the vehicle fall some way short of its €350m target and €400m hard-cap announced at the time of the first close.

BTC Fund II features a lifespan of seven years and two one-year extensions; the investment period will span three years. The fund has already deployed 70% of its capital, according to a statement issued by the GP.

BTC also announced it intends to launch its third fund in the final quarter of 2017.

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

At the time of the first close in December, BTC Fund II's most prominent LP was 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 was followed by the University of Michigan, which committed €50m to the fund in late 2015.

In addition, BTC announced at the time of the first close that it would provide a €10m commitment to the fund.

Investments
BTC Fund II targets mid-sized Spanish companies with the opportunity to expand internationally. The sector-agnostic fund will deploy an average of €20-50m.

The GP recently invested €30m for a majority stake in shoe retailer Calzados Marypaz and provided acquisition finance to support portfolio company Torrot Electric in its €9m bolt-on of off-road motorbike manufacturer Gas Gas.

People
Black Toro Capital – Ramon Betolaza (managing partner); Ignacio Foncillas, Jose Manuel de la Infiesta (partners).

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