Black Toro launches fund, aims for €200m first close

Fundraising for BTC Fund II officially started on 17 November. King & Wood Mallesons is providing legal advice.

Speaking to unquote", a source close to the situation revealed the GP is aiming to raise around €200m when the fund holds a first close in Q1 2016. According to the same source, this should be followed by a final close before the end of next year.

The fund features a lifespan of seven years and two one-year extensions; the investment period will span three years.

Investors
To date, BTC Fund II's most prominent LP is Allstate, a US-headquartered insurance company that committed €73m via its private equity arm. Along with prior contributions to BTC, Allstate has provided a total of €111m to the GP's funds.

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

In addition, BTC has announced it will 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, unquote" understands.

The launch of the fund comes as BTC deployed more than €80m in 2015 to date, both on a standalone basis and alongside others. The latest company to be backed was carbon fibre manufacturer Carbures, an existing portfolio company that received a €30m injection in September.

People
BTC is led by managing partner Ramon Betolaza, as well as partners Carlos Tusquets, Ignacio Foncillas, Jose Manuel de la Infiesta and operating partner Juan Molins Monteys.

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