BC European Capital IX closes at €6.5bn hard-cap

Initial fundraising reports emerged in January 2010, as BC Partners' eighth European fund was approaching maturity. A first close was held at €4bn in March 2011, followed by a second close at €5.5bn in July. BC Partners has now held a final close at the fund's €6.5bn hard cap, €500m above target.

Carry and hurdle are in line with industry standards. Investors participating in the first close were offered a 5% discount on management fees. No placement agent has been used.

Investors
Non-European investors contributed around 70% of the committed capital – 40% from North American LPs and 30% from Asia and the Middle East. European investors contributed to the remaining 30% of raised capital.

Pension funds were the main type of contributor at 37%, followed by sovereign wealth funds at 25% and funds-of-funds at 12%. The remaining 26% consisted of a range of institutions; including banks, insurance companies, endowments, and foundations.

Investments
The vehicle will mirror the strategy employed in its previous BC European Capital VIII fund, which closed at €5.5bn in May 2005.

The first investment from the fund was made around its second close in July, when BC Partners acquired Swedish cable TV company Com Hem in a tertiary buyout. The deal was valued at an estimated SEK 17bn.

Advisers
Simpson Thacher & Bartlett (Legal).

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