Better Capital extends 2009 fund term

The investor's board said in a statement that the extension to the 2009 fund would help to maximise returns through the realisation of the residual assets in the portfolio. According to the limited partnership agreement, the term of the 2009 fund can be extended for up to two additional one-year periods.

The Becap turnaround fund was launched on AIM on December 2009, raising £210m, and sought to invest in distressed situations in industrial and financial companies in the UK and Ireland.

Remaining portfolio companies include M-Hance, acquired in 2010, and the 2011 investment in Omnico. The fund also has a small remaining stake in Spicers-OfficeTeam.

Better Capital founder Jon Moulton has previously stated that Better would eventually be wound down, with no plans to raise a further turnaround vehicle.

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• Better Capital LLP