Vermeer closes distressed fund on EUR75m

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Fund

Vermeer Capital has held the first closing of its maiden fund of the same name on EUR75m. The fund, which was launched seven months ago, will focus on turnarounds of distressed companies. The closing is shy of the EUR90m hard cap that the fund is expecting to close on in about three months time. SJ Berwin provided legal advice.

Investors

54% of the capital raised is from institutional investors, 35% from industry directors and 11% by the team's associates. Jean-Louis Detry Vermeer's president and founder has previously led several successful turnarounds, including French record company Disques Vogue and French restaurant chain Leon de Bruxelles.

Investments

The fund will seek to invest in controlling stakes preferably in business to consumer enterprises that generate between EUR15-300m in turnover.

People

The fund will be managed by Vermeer's president Jean-Louis Detry as well as the three other partners Olivier Elmalek, Pierre Khoury and Michel Bon. Nathalie Duguay and Xavier Cormailles headed the legal team at SJ Berwin.

Name: Vermeer Capital

Closed on: EUR75m

Focus: Buyouts

Contact: Jean-Louis Detry

Address: 120 Avenue des Champs-Elysees

75008 PARIS

Tel: +33 1 44 20 02 02

Fax: +33 145 62 59 09

Advisers: SJ Berwin (Legal).