Beechbrook Capital has announced a first close for its third private debt vehicle at around €100m.
The announcement comes five months after the fund launched with a €200m target. The firm expects to hold a final close for the vehicle next year, with a second close anticipated by the end of 2016.
Beechbrook's second debt fund reached its hard-cap of €150m in May 2014 and is now fully invested.
The firm said a number of European institutional investors had made commitments to the vehicle, including the European Investment Fund and the British Business Bank's commercial arm. The fundraising attracted a mixture of new and existing backers.
Private Debt Fund III will provide debt packages of between €5-15m to private-equity-backed companies with turnovers of €10-100m. It will make mezzanine, junior mezzanine, unitranche and small allocation investments, primarily supporting buyouts, acquisitions, shareholder re-alignments and growth strategies.
Beechbrook co-founder Paul Shea said the firm had a "busy pipeline" of potential investments and is now able to start deploying capital from Private Debt Fund III.
Beechbrook - Paul Shea (partner).
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