Zetland holds EUR 620m close for second special situations fund

The vehicle is already around 80% deployed across close to 30 opportunities in sectors including aviation logistics, hotels, leisure and real estate sectors, he said. The investments are in a mixture of publicly traded and private market transactions, Hamdani said.

Zetland was advised by Rede Partners, an independent funding advisor to the private equity industry.

Pre-marketing for a third fund is underway as the firm sees opportunities in the current volatile market, according to a source familiar with the matter. Hamdani declined to comment on the topic.

The GP, which focuses on corporate and asset-backed opportunities in distressed debt, special situations and private equity, has doubled in size over the pandemic years to grow its team to 30 employees since early 2020, with half of them dedicated to sourcing, underwriting and realising our investments.

“Current macroeconomic pressures, the end of a decade of easy-monetary policy and the return of inflation, are driving widespread volatility and market dislocation, creating an increase in complex special situations in need of creative financial solutions,” Hamdani said in a statement.

Investors
New investors in ZSSFII make up a third of its LPs base and include pension funds, endowments, insurance companies, consultants and family office investors. North America represents around 60% of the LPs, with the remaining Europe and Middle East at around 40%, he said.

Investments
ZSSFII is focused on restructurings, event-driven investments, special situations and trading-oriented opportunities across Europe.

The mid-market special situations fund has a typical investment in the range of EUR 10m-50m.

Zetland sources around 90% of its investments directly, he said. It purchases debt from lenders with a focus on acquiring controlling equity interests through credit restructurings.

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