US firm Behrman Capital looks to Europe

Behrman Capital, a private investment firm based in New York and San Francisco, has announced a final closing of Behrman Capital III on $1.2bn, bringing the group’s total funds under management in the three vehicles it has launched since 1992 to almost $2bn. The firm has built up an international advisory board in recent months, and for the first time is hoping to take advantage of investment opportunities within Europe. According to Darryl G Behrman, the fund could invest up to Euro 300m across the continent and is particularly interested in the wireless sector in Germany and Scandinavia. The firm has not yet opened a European office.

Institutional investors account for 98% of the committed capital to Behrman Capital III. Public pension funds made up some 36%. These included CALpers ($150m), New York State Common Retirement Fund ($100m), Kansas Public Employees Retirement System, Los Angeles County Employees Retirement Association, Illinois State Board of Investment and the Ohio Bureau of Workers’ Compensation. Investors based outside the US, including Finland, Germany, Switzerland and the UK, accounted for 22% of commitments, financial institutions 21%, funds-of-funds 10% and corporate pension funds 9%. Behrman Capital II investors increased their commitments in the group’s latest vehicle by 33%. Merrill Lynch acted as the fund’s placement agent.

The fund will focus on growth companies in the IT, outsourcing, business services and contract manufacturing sectors, areas in which Behrman Capital already boasts considerable experience. Investments will be made in support of management buyouts, leveraged buildups, recapitalisations and expansion transactions. Few other details of likely investment strategy have been disclosed. The firm’s fundraising activities were led by founders and managing partners Darryl G Behrman and Grant G Behrman.

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