Triton closes second debt fund on €744m

Triton has also raised a separate managed account, which will serve as an overflow vehicle for the fund and will follow different investment guidelines and objectives.

The direct lending vehicle is currently 40% deployed. Triton said in a statement that the fund has a strong pipeline and that it expects to see continuing opportunities in the current market.

Triton's direct lending strategy targets returns of 15% gross IRR.

Triton's first debt fund held a final close in June 2014 on €500m, exceeding its target of €350m.

Investors
TDO II is backed by existing Triton LPs, as well as institutional investors, in particular pension funds from Europe and the US. Its predecessor vehicle saw 58% of commitments from US investors, 34% from Europe and 8% from the rest of the world. Its LPs include Finnish pension fund VER and the Employees Retirement System of Texas, according to Unquote Data.

Investments
The fund will focus on mid-market companies in the DACH, Benelux and Nordic regions, acquiring non-controlling positions in corporate loans, bonds and other financial obligations and securities of such companies. The vehicle can invest across the capital structure, but will generally invest in first lien senior secured debt.

The fund will make investments of €10-40m, focusing on the industrial, business services, consumer and health sectors.

People
Triton – Amyn Pesnani (head of Triton debt opportunities).

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