Metric Capital Partners, a private debt fund manager founded in 2011 by former Towerbrook and UBS executive John Sinik, is nearing the finishing line for its first fundraising.
Having held a first close on €100 million In March last year, the firm will hold a second close next week, sources with knowledge of the situation said, with a final close to follow in March. Sinik declined to comment on the fundraising total, but spoke generally to Private Debt Investor about LP appetite for Metric’s approach to private debt.
“The main reason why we are gaining traction from investors is because of the quality of our current portfolio and the pipeline of similar opportunities,” explained Sinik. “After completing five deals with robust companies operating in non-discretionary sectors like healthcare, we have earned a reputation for deploying a recession-resistant investment strategy.
“We expect to continue to see deal flow from solid companies in need of capital,” he added. “The European macro-climate continues to be challenging, and traditional sources of finance are not available for many mid-sized companies.”
The firm has also said it will bolster its team with three new hires this year. One of those is confirmed to be joining the team in March, and will specialise in industrials.
Sinik also said the firm has a number of new deals in exclusivity, having rounded off 2012 with two healthcare deals in Ireland.