European debt provider Park Square Capital has closed its second mezzanine fund on €850 million.
Fund II was launched in late 2009 and received 80 percent of its commitments from pension funds, insurance companies and sovereign wealth funds in Europe, Asia and North America according to a company statement. The fund will continue its predecessor fund's investment thesis of making mezzanine investments in companies with stable and predictable cash flows. Park Hill Group worked as placement agent for the fund.
Park Square's €1bn first fund was raised after the firm’s foundation in 2004 and is now fully invested.
Park Square managing partner Robin Doumar said in the statement there was “an increasing requirement for well-capitalised, non-bank credit providers”.
In 2007, Park Square launched a €1.25 billion ($1.69 billion) credit fund to complement it debut mezzanine fund.
Aston Tan contributed to this report.