Certior holds €51m first close for Credit Opportunities Fund II

It will mainly target European SME direct lending funds, with a particular focus on emerging managers. It is structured as a Luxembourg special limited partnership and has a final fundraising target of €300m.

All investors in the previous vehicle re-upped for this first close of the second fund, and the team is now seeking new investors to join, Certior chair Ari Jauho told Unquote.

Certior is expecting to close several primaries and co-investments in the coming weeks.

The new fund follows the same investment strategy as its predecessor, Certior Credit Opportunities Fund, which closed on €87m in October 2016. So far, the first fund has made seven primary commitments, one secondary and seven co-investments across Europe, with most investments in the UK, the DACH region and Spain. The fund is almost fully committed, with around 70% already called, and is performing in line with expectations.

Investors
The fund's investors are predominantly Finnish pension funds. As fundraising picks up after the first close, Certior plans on targeting local and regional pension funds in the UK, pension funds and family offices in Germany, as well as financial investors in Spain.

Investments
The new fund will focus on the European SME direct-lending segment, in particular in seeding emerging managers.

People
Certior Capital – Ari Jauho (chair).

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