BMO holds fourth close for co-investment fund on €95m

Oscar Geen
14 February 2019

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BMO Global Asset Managementтs EMEA Private Equity division (BMO PE) has held a fourth close for its co-investment fund, Castle Mount LP, on тЌ94.7m.

The fund was announced in February 2017 and originally targeted €300m. The vehicle now anticipates holding a final close by the end of March on slightly more than €100m.

The vehicle has made nine co-investments to date alongside PE firms including Apposite Capital, Total Capital Partners, Corsair Capital, Summa Equity, Kester Capital, Horizon Capital, Buckthorn Partners and Augens Capital.

The vehicle is targeting a net IRR of 20%. It has a three-year investment period from final close but expects to fully deploy by the end of 2020.

Investors
Castle Mount received commitments from new and existing institutional, wholesale and high-net-worth investors across Germany, the UK, Switzerland and Canada.

HSBC Private Bank is the largest investor with a €30m commitment to the vehicle, according to Unquote Data.

Investments
The new vehicle will make 15-25 co-investments in European companies with enterprise values of up to €500m. It is currently pursuing a number of potential assets, according to a statement, and will look to invest alongside around 10 newly established GPs.

People
BMO PE - Hamish Mair (managing director).