Proventus holds SEK 8.8bn first close for new debt fund

PCP stated the fund will remain open to further investors until the end of Q3 this year.

Established in 2009, PCP is the credit arm of Swedish investment company Proventus. It set about deploying its first €216m fund within 18 months of launching, and upped the stakes significantly with its second effort, Proventus Capital Partners II, which closed on €600m in 2011 – this vehicle is now fully invested as well.

Investors
Proventus has remained one of the largest investors in each successive PCP fund. Besides the support of Proventus, PCP stated it had been able to attract pension funds, insurance companies, large foundations and companies from both the Nordic region and the rest of Europe.

Investments
PCP provides loans to mid-cap businesses for expansion, refinancing and restructuring purposes in northern Europe. The firm stated it is currently seeing the most attractive opportunities in the direct lending space.

Vehicles operating in both the direct lending and acquisition finance spaces have been particularly popular in recent months – click here to read our recent analysis of the phenomenon and its impact on the leverage market.

People
Daniel Sachs is the CEO of PCP.

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• Topics
• Funds
• Sweden
• Senior debt