Beechbrook hits $75m for first mezz fund

01 November 2008

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Fund

Beechbrook Capital has held the first close of Beechbrook Mezzanine I LP at $75m. The fund launched at the end of September 2008 and does not have a target. The manager is expecting a second closing in the first half of 2009. The fund does not have a fixed lifespan but is expected to reach maturity after six or seven years. Beechbrook also made an undisclosed GP contribution but further terms and conditions of the fund have not been disclosed. SJ Berwin provided legal advice to the fund.

Investors

FRM Capital Advisers is the cornerstone investor, committing up to $75m from its FCA Catalyst Fund. The fund is expecting institutional investors mainly from Europe but is open to global investors as well.

Investments

Beechbrook is about to close its first investment from the fund and plans to make between 15-20 investments. It will target low leveraged companies in resilient economic sectors such as healthcare, aerospace, defence and oil & gas with an enterprise value of more than EUR200m. Beechbrook is considering investments in all of Europe with a preference for companies that are exposed to the markets in India, China and CEE.

People

Paul Shea manages the fund for Beechbrook.

Name: Beechbrook Mezzanine I LP

Closed on: $75m

Focus: Europe

Contact: Paul Shea

Address

Beechbrook Capital

20 Garrick St

London

WC2E 9BT

Tel: +44 20 3178 2536