Star set to hold oversubscribed final close

Dermot McCloskey and Lydia Clark, InfraNews
14 June 2017

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Star Capital Partners is set to hold an oversubscribed final close of its third fund later this month, according to unquote" sister publication InfraNews.

The UK-headquartered investor is expected to hold a final close of Star Strategic Assets III (Star III) on its €800m hard-cap in late June, sources said.

Star, a private equity investor investing in asset-based businesses, declined to comment.

According to public documents, limited partners that joined the fund in recent months include Partners Group, which has committed €73.5m through Partners Group Global Infrastructure 2015 and managed accounts.

In late March, Lombard Odier Investment Managers joined with €17m, while the Shell Overseas Contributory Pension Fund made a €15m commitment.

Star launched fundraising for Star III in Q4 2015. It secured cornerstone commitments of €175m from both Canada Pension Plan Investment Board and Epsom Investment, a subsidiary of the Government of Singapore Investment Corporation.

The 10-year fund, which held a €248m first close in March 2016, will focus on acquiring European companies. It aims to reduce the risk profile of its portfolio companies over time and grow EBITDA.

Star III made its first investment in July 2016, acquiring UK linen and laundry management business Synergy Health Management Services from Synergy Heal for £50m.

In September, it agreed to invest around €60m in Stuttgart-based data centre business Globalways.

Star is understood to be coordinating the fundraising internally. Morrison & Foerster is providing legal advice.

The original version of this article was published by unquote" sister publication InfraNews