Pan-European investor All Seas Capital has held a final close of its maiden fund $400 million of total commitments including co-investments.
The fund, All Seas Capital I, has a global investor base, consisting of pension funds, sovereign wealth funds, insurance companies and banks. It provides borrowers with a hybrid debt and equity solution to get equity-like returns with the defensiveness of debt structures.
The fund has already invested more than $200 million in portfolio companies from the UK, France and Germany.
It provides long-term financing for mid-market businesses in western Europe. It focuses on founder- and entrepreneur-owned companies and provides board level expertise to help those businesses grow.
The firm is led by co-founders Marc Ciancimino and Cristobal Cuart who previously founded KKR’s European mezzanine and preferred equity business.
Commenting on the fund’s close, Ciancimino said: “At All Seas, we identify successful businesses that have already proven their business model but are in need of support and capital as the catalyst for real business growth. Our bespoke form of capital is attractive to management teams, and we are finding no let-up in demand having already backed five fantastic businesses.”
All Seas said ESG has been integrated throughout its investment process to ensure it can position itself for long-term growth.
All Seas Capital was advised by Debevoise & Plimpton in London while its Luxembourg team was advised by Loyens & Loeff, One Fund Management and Alter Domus.