TriSpan Opportunities Fund II holds first close

Alessia Argentieri
27 November 2020

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Global private equity firm TriSpan has held a first close for its TriSpan Opportunities Fund II.

Unquote understands that the fund has a final target of $500m and has collected nearly $100m so far.

The vehicle is larger than its predecessor, TriSpan Opportunities Fund I, which held a final close on $230m in 2017.

Founded in 2015, TriSpan is a private equity firm with offices in London and New York. The GP's strategy is to create value by providing significant operational and M&A resources to help drive growth, synergies and financial performance in its portfolio companies. Since inception, the firm has invested in 11 platforms and several add-ons, for a total of more than 35 companies to date.

Ely Place Partners is currently advising TriSpan on the fundraise in Europe.

Investors
The fund has built an LP base composed of several family offices, as well as fund-of-funds from both the US and Europe.

Investments
TriSpan Opportunities Fund II focuses on opportunities in the lower-mid-market across North America and Europe, targeting companies with annual revenues in the $20-100m range and EBITDA of $2-20m.

The fund typically seeks majority investments in proprietary buy-and-build opportunities alongside strong founders and management teams, applying a limited use of leverage. It primarily invests in the healthcare, business services and speciality manufacturing sectors.

The vehicle provides portfolio companies with operational and strategic support from its operating partners, who help management teams implement value creation plans and drive synergies.

It also executes transformational add-on acquisitions, deploying significant capital over time, and offers substantial co-investment opportunities to its LPs on a formulaic basis.

The fund plans to invest around two thirds of its capital in North America and the remainder across Europe.

People
TriSpan – Fady Michel Abouchalache (founding partner).