Black Toro II holds €160m second close

When the firm held a first close on €136m in December 2015, it said the fund had a €350m target and a €400m hard-cap. According to Black Torro, this target has not changed, and the firm still hopes to conclude fundraising by the end of the year. However, the GP initially hoped to hold a €200m close in Q1 2016, a source told unquote" at the time of the first close.

BTC Fund II features a lifespan of seven years and two one-year extensions; the investment period will span three years. The fund is the latest addition to the Spanish landscape despite mounting concern from local players that foreign appetite for the country's vehicles is on the wane.

Investors
The new investors coming on board for the second close are US-based institutional LPs.

At the time of the first close in December, BTC Fund II's most prominent LP was Allstate, a US-headquartered insurance company that committed €73m via its private equity arm. Along with prior contributions to BTC, Allstate had provided a total of €111m to the GP's funds. The insurer was followed by the University of Michigan, which committed €50m to the fund in late 2015.

The LP base, featuring investors from both Europe and the US, includes private and public pension funds, foundations and family offices.

In addition, BTC announced at the time of the first close that it would provide a €10m commitment to the fund.

Investments
BTC Fund II will secure controlling stakes across companies where, in spite of a proven business model, there is a need for financial and management restructuring. The sector-agnostic fund will deploy an average of €20-50m into companies headquartered in Spain.

People
Black Toro Capital - Ramon Betolaza (managing partner); Carlos Tusquets, Ignacio Foncillas, Jose Manuel de la Infiesta (partners); Juan Molins Monteys (operating partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Southern Europe
• Buyout
• Spain
• Turnarounds