STAR Capital Partners closes debut fund above target

STAR Capital Partners has announced that it closed its debut fund, STAR 1 on EUR 581m. The fund, a ten-year English LP, held a first close in February of last year on EUR 272m. It has several large core investors, with which it has secured co-investment rights. These include The Royal Bank of Scotland Group, Santander Central Hispano and One Equity Partners, the private equity arm of Bank One (a US bank). The vehicle will acquire a controlling equity stake in businesses and capital assets in the utilities sector that are necessary but not core to major industrial companies – for instance those businesses supporting infrastructure. STAR 1 will invest no more than 15% of the total of STAR 1 in transactions of between EUR 200m and EUR 3bn, backed by debt or equity from its co-investment partners. The fund, which will focus on Western Europe, employs a team of 13, all based in London.

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