BMO PE holds €60m first close for co-investment vehicle

The fund has a target of €300m and anticipates further rolling closes throughout 2017, with a final close expected in early 2018.

BMO PE has an exposure of more than €1bn to private equity, across eight separate funds. The portfolio is invested across 90 fund managers, comprising mid-market buyout, venture capital and distressed funds, according to unquote" data. Around 70-80% of its portfolio is invested across Europe, with the remaining 20-30% invested in the US.

Investors
Castle Mount received commitments from new and existing institutional, wholesale and high-net-worth investors across Germany, the UK and Canada.

Investment
The new vehicle will make 15-25 co-investments in European companies with enterprise values of up to €500m. It is currently pursuing a number of potential assets, according to a statement, and will look to invest alongside around 10 private equity managers at recently established firms.

Castle Mount will target a return of a net 20% IRR.

People
BMO Global Asset Management EMEA Private Equity – Hamish Mair (director).

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