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Park Square Capital raises $2.6bn for its latest subordinated debt fund

Friday, May 07, 2021

Laxman Pai, Opalesque Asia:

The private debt manager Park Square Capital closed its latest subordinated debt fund at €2.2 billion ($2.6 billion) including committed leverage.

Park Square Capital Partners IV (PSCP IV) raised €1.8 billion of equity commitments, exceeding its target of EUR1.5 billion, said a press release from the provider of senior debt, subordinated debt and mid-market direct loans to companies in Europe and the US.

The new fund represents an increase of 48 percent over its predecessor fund, PSCP III, which had EUR1.5 billion of investable capital, including leverage, in 2016.

"The success of the fundraising reflects the continued development of the firm and the strong performance of the strategy through multiple credit cycles," said Robin Doumar, managing partner, in the news release. "We are excited by the robust pipeline of opportunities available to private credit as the world recovers from the COVID crisis."

PSCP IV attracted a broad mix of institutional investors by type and geography, including commitments from sovereign wealth funds, pension funds, insurance companies, and family offices across Europe, the US, and Asia.

Investors included the €36 billion PensionDanmark, Copenhagen, according to the pension fund's website.

"PSCP IV follows the same disciplined, and cycle-tested strategy as its predecessor funds, investing in primary and secondary subordinated debt in both performing credit and dislocated debt. It focuses ......................

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