Private equity firm TowerBrook Capital Partners has held a first close on its debut Structured Opportunities Fund, surpassing its target of $600 million, PDI understands. Fundraising for the vehicle is due to come to a close shortly. The fund will invest in structured debt and equity assets sourced in North America and Europe.
TowerBrook declined to comment.
TowerBrook defines its structured opportunities strategy as the ability to invest in complex transactions that incorporate downside protection and which take advantage of changing market conditions, according to its website. It includes situation-specific events where traditional control-oriented private equity characteristics may not apply.
The flexible mandate includes multiple asset classes from stressed and distressed debt investments in both the primary and secondary markets, to structured equity and structured assets.
Based in London and New York, TowerBrook has traditionally pursued control-oriented investments in large and mid-market companies through buyouts and distressed transactions. It invests in various sectors including healthcare, consumer, retail, media and financial.