London-based credit manager Park Square is thought to have held a first close of its European Loan Partners III fund.
According to sources close to the firm, it has secured €722 million of commitments to its unlevered sleeve, which is targeting €1 billion. Like its predecessor, the ELP III programme is thought to form part of a joint venture with Sumitomo Mutsui Banking Corporation and is expected to have total deployable capital of around €5 billion including leverage and co-investment agreements.
