Metric Capital Partners has begun fundraising for its second fund and is eyeing €400 million, sources close to the firm confirmed.
The firm, which raised €300 million for its maiden private debt fund in 2012, sent PPMs to a select group of investors last week, sources said. MCP declined to comment on the fundraising.
MCP’s first fund is currently 80 percent deployed, having invested in 11 deals. The firm is understood to have two more deals in the pipeline which will take it to the fully-deployed mark over the next few months.
As a result, the firm has begun what sources say is a very focused, ‘tight’ fundraising process designed to reach at least 80 percent of the target, if not a final close, by the end of June.
A number of larger LPs who were unable to take ‘first fund’ risk with MCP’s maiden vehicle are understood to have already expressed interest in the new fund, which is understood to have been “warmly received” by existing investors. LPs in MCP 1 include the European Investment Fund.
In gearing up for the new fund, MCP has also made two hires to supplement its team, which has swelled from five founding members in 2012 to 11 today with the two new arrivals, both of whom joined last week.
Fabio Andreottola has joined as a principal from Permira, where he worked in the firm’s financing group and was an investment committee member at its debt management affiliate. He joined the buyout firm in 2007 after eight years in the investment banking divisions of DLJ and Credit Suisse in London. Prior to that, he worked at Interbanca in Milan.
The second hire, Barbara Roversi, joins as an investment associate from restructuring specialist Alvarez & Marsal where she was a senior associate. There she focused on performance improvement and turnaround advisory work. Prior to A&M, she was a senior analyst at Banca Leonardo in the M&A and debt restructuring teams, and at Deutsche Bank’s private equity group.
Giovanni Miele, partner and co-founder of MCP, said: “Fabio and Barbara bring a wealth of financial and operational experience which will further strengthen our investment team and support the ongoing deployment of capital”.