BC European Capital XI holds first close on €4bn

The fund was announced in January 2020 with a target of €8.5bn. A source close to the situation said: "It's going well and they've had strong momentum, in spite of the pandemic. They recently had a strong first close at €4bn, which was larger than expected."

The fund's predecessor, BC European Capital X held a final close on its target of €7bn in January 2018. The close followed the completion of a $1bn stapled secondary deal involving commitments to its ninth fund.

The fund was 86% deployed as of March 2020 and holds investments in a variety of sectors, including an investment in Shawbrook Bank, fixed-line communications provider United Group, and veterinarian chain VetPartners.

LPs in that fund include AFP Colombiana Protección, Banque Pictet and Birchtree Fund Investments, each with a commitment of €100m or more.

BC Partners owns a minority stake in Acuris, the parent company of Unquote. The firm declined to comment on fundraising.

Investors
LPs already invested in the fund include the New York State Teachers Retirement System, and the Tennessee Consolidated Retirement System with a commitment of €225m, according to Unquote Data.

Investments
The fund is expected to invest in European companies with enterprise values greater than €300m. The fund also looks to invest in US firms, but selectively.

The fund has yet to make its first investment, according to Unquote Data.

People
BC Partners – Richard Kunzer, Laurent Donin de Rosière (co-heads, investor relations).

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