Park Square closes third subordinated debt fund on €1.2bn
Private-equity-focused alternative lender Park Square Capital Partners has held a final close for its third subordinated debt fund, PSCP III, on тЌ1.2bn.
The fund, which had a target of €1bn, will also be able to use leverage of up to €300m, raising its total capital to €1.5bn.
Park Square said it will adopt a flexible approach to deploying capital from PSCP III, focusing on new lending when market conditions are stable and turning to secondary investments during periods of market volatility.
The vehicle attracted commitments from Europe, the US and Asia, with an LP base consisting of sovereign wealth funds, pension funds, insurance companies and others.
As with its predecessor, PSCP III will target leveraged companies across Europe and the US. Despite also having a target of €1bn, Park Square's second fund closed on €850m in April 2011.
In June 2015, the firm closed its senior-debt-focused Credit Opportunities II fund on $2.4bn.
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