Michigan University commits to Black Toro Fund II

Spanish special situations manager Black Toro Capital has made a first closing of €136 million on its second fund aided by a commitment from the University of Michigan endowment.

US endowment, the University of Michigan, has committed €50 million to Black Toro Capital’s second debt fund.

The investment brings the initial closing of Black Toro Capital Fund II to €136 million since it launched one month ago, the Spanish lender said in a statement.

BTC is targeting an additional closing during the first quarter of 2016. The special situations fund has an overall target of €350 million.

“We are delighted with the University of Michigan’s decision to support BTC II following an extensive due diligence process into our team, the opportunity in Spain and existing competing funds,” BTC said in a statement.

BTC makes debt and equity investments in Spanish companies with viable and proven business models that are undergoing financial and liquidity constraints, as well as strategic leadership and ownership misalignments.

The manager is focused on partnering with company owners and other key stakeholders to provide structured capital solutions.

The firm has executed four transactions and deployed €80 million in direct investments and co-investments over the last year.

Allstate Investments, the investment arm of US insurer Allstate, is a cornerstone investor in the fund and has committed €73 million to the new vehicle.