Bregal Milestone closes second tech fund on EUR 770m

Min Ho
22 May 2023

Tweet
Facebook
LinkedIn
Google plus
Send to

UK-headquartered Bregal Milestone has reached a final close for its second European technology fund on EUR 770m.

Bregal Milestone Fund II represents a 56% increase from its predecessor fund, Fund I, which raised EUR 400m in 2018.

Houlihan Lokey served as exclusive global placement agent, and Goodwin Procter served as legal counsel, according to a press release.

Bregal's Milestone vehicles are classified as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation and are supported by an ESG team that helps to develop and implement ESG improvement initiatives across Milestone's portfolio, it said.

The new fundraise brings Milestone's assets under management to EUR 1.3bn.

Investors
The fundraise includes new commitments from asset managers, family offices, fund of funds, and pension plans, according to a statement.

Investments
Bregal Milestone targets late-stage growth companies where it can make investments ranging from EUR 20m-EUR 100m, it said on its website. It pursues growth strategies for its portfolio companies include driving organic growth and funding acquisitions, as well as recapitalisations or shareholder alignment, it added.

Fund II is already around 40% deployed following five platform investments, it said. It has invested in Redstor, a SaaS provider of data management and protection solutions for small and medium-sized businesses; InfoCert, a European digital trust solutions provider; Productsup, a product-to-consumer commerce data integration SaaS platform; Odilo, a B2B digital education platform; and Cube, a leading global provider of regulatory intelligence software.

Its upcoming exits include Finnish employee benefit platform Epassi, with the firm mandating JP Morgan to explore sale options, according to sister publication Mergermarket. The firm has also mandated Lazard to advise on the sale of Anywhere365, a Dutch cloud-based contact centre and dialogue-management platform, as reported.

People
Bregal Milestone – Cyrus Shey, Jan Bruennler, Philippe Lautenberg (founders and managing partners)