LGT's Crown European Private Debt II fund closes on €1.35bn

The fund, which was launched in 2017, held a first close on $725m in August 2018. The fund's predecessor, European Capital Private Debt, closed on €473.5m in 2016.

The fund's original target was €800m. It is already 50% deployed, although the fund can reinvest proceeds during the investment period. Using this strategy, the firm invested an extra 50% of European Capital Private Debt's original fund size, according to reports by French publication Capital Finance.

LGT Capital Partners absorbed European Capital more than two years ago and the combined entity, as well as the Crown European Private Debt fund, has been renamed LGT Private Debt as of 1 July 2019. Since its inception, LGT Private Debt has invested more than €2bn over 82 transactions.

Investors
More than 60 institutions have invested in the fund, including pension funds, insurance companies, endowments and family offices. Investors hailed from Europe, North America, the Middle East and Asia. Both new and existing investors participated.

LPs in European Capital Private Debt included Alpha Associates, Hannover Re, Qatar Insurance Company and HSBC Private Bank.

Investments
The fund will finance unitranche and subordinated debt transactions in Europe. Its investments will stay in the range of €15-150m in the lower-mid-market segment. A focus will be on opportunities with a strong credit profile and visibility on sources of value creation, according to a statement. The fund is expected to make around 40 investments.

People
LGT Private Debt – Stephane Legrand, Juan Carlos Morales Cortes (partners).

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