MezzVest has concluded a lengthy fundraise on its third flagship fund, closing the vehicle on €585 million, according to a statement released by placement agent First Avenue on Wednesday.
First Avenue acted as the placement agent on the fund, which reportedly received commitments from a “diverse group of global investors”. MezzVest and First Avenue had not responded to requests for comment as of press time.
“We appreciate this vote of confidence from both new and existing limited partners, and are off to a strong start with Fund III,” said MezzVest chief executive officer Larry Gresh in a statement.
The fund is understood to have the flexibility to structure deals beyond pure 'vanilla' mezzanine, and might better be characterised as a junior capital fund, sources close to the firm said.
MezzVest began raising the vehicle 2011. The firm held a first close one year later on approximately €200 million. MezzVest II closed on €570 million in 2005.
MezzVest specialises in providing mezzanine financing to sponsor-backed Western European companies with stable cash flows, according to First Avenue’s release. The London-based firm was founded in 2000 and has deployed more than €3.5 billion since its inception.