TowerBrook Capital holds $2.8bn final close

01 December 2008

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Fund

TowerBrook Capital Partners has closed TowerBrook Investors LP III on its hard-cap of $2.8bn. The fund was oversubscribed but maintained its hard-cap. It has a 10-year lifespan with the option of two one-year extensions at the end of each five-year period. Terms and conditions have not been disclosed. UBS Investment Bank acted as global placement agent and legal advice was provided by Paul, Weiss, Rifkind, Wharthon & Garrison.

Investors

TowerBrook Investors LP III has more than 70 investors. Approximately 50% of the LPs are pension funds and the remainder is spread between sovereign wealth funds, insurers, funds-of-funds and ultra-high-net-worth individuals.

The investors are mainly based in Europe and North America, but Middle Eastern and Asian investors also subscribed. Returning US LPs were the California Public Employees' Retirement Systems, Goldman Sachs' fund-of-funds business and public employee pension groups in Kansas, Indiana, Wisconsin and Florida. TowerBrook also made a GP contribution. The amount has not been disclosed but was said to be higher than in the last fundraising.

Investments

The fund will invest in buyouts in Europe and North America. TowerBrook is interested in difficult and distressed situations for investments in any sector. In particular, it is looking at financial, property, healthcare, automotive and retail sectors. TowerBrook typically invests between $75-300m per transaction in exchange for a majority stake in a company. The GP is expecting between 14-18 investments in total and is currently looking at investment opportunities.

People

Ramez Sousou and Neal Moskowski are the co-CEOs of TowerBrook. Robert Hirsh and Amran Hussein provided legal advice on behalf of Paul, Weiss, Rifkind, Wharthon & Garrison.

Name: TowerBrook Investors LP III

Closed on: $2.8bn

Focus: Buyouts, Europe, North America

Contact: Filippo Cardini

Address: TowerBrook Capital Partners

Kinnaird House

1 Pall Mall East

London

SW1Y 5AU

Tel: +44 20 7451 2020

Fax: +44 20 7451 2022

Advisers