London-headquartered private debt firm Park Square Capital has held a first close of €675 million for one of its successor mezzanine funds, PDI understands.
Park Square Capital Partners III, which was launched in May last year, has a target of €1 billion. UBS Private Fund Management is placement agent on the fund.
Park Square and UBS declined to comment.
Fund III has a similar mandate to its predecessors, investing in subordinated debt of large and mid-cap companies in Europe. It will also have the flexibility to acquire both performing and distressed debt on the secondary market.
Investors to Park Square’s previous mezzanine fund, Park Square Capital Partners II, included asset manager AlpInvest Partners, US pension fund Maryland State Retirement and Pension System, the UK’s West Midlands Pension Fund and US insurance company Windsor Health Plan. Launched in 2009, it raised €850 million by 2011. Park Square Capital Partners I raised €1.05 billion.
Park Square is also in the market with Park Square Capital Credit Opportunities II, a senior debt-focused vehicle with a €500 million target. Launched in 2013, it had raised €420 million by May last year, as previously reported by PDI.
Founded in 2004 by managing partner Robin Doumar, alongside partners David Cottam and Michael Small, Park Square manages and advises on more than $4.2 billion of capital and invests across the capital structure of leveraged companies.