Metric Capital Partners is poised to return to market with its second fund after taking its maiden vehicle past the 80 percent invested mark with its tenth deal this week.
The firm, founded by former UBS leveraged finance head John Sinik, has deployed more than three quarters of its debut fund, which held a final close on €300 million in April this year.
Metric is hoping to raise a larger amount for its next fund, Metric Capital Fund II, with sources indicating a target of €400 million is likely. The firm will aim to hold a close for the fund in the first half of next year, a source close to the process said.
Its latest deal saw the firm invest in UK financial services business Augusta Securities. Augusta provides funding for commercial litigation lawsuits. Metric’s investment was structured as a credit instrument with equity participation, in common with its typical methodology. The capital will be used to fund further expansion of the business, a source said. Metric co-founder Peter Cornell will become chairman of Augusta as part of the deal.
The deal is Metric’s tenth, and follows an investment in UK payment service provider STL last month.