Claret Capital closes €575M Fund IV for European growth debt
Claret Capital Partners has closed its fourth European growth debt fund at €575M, well past the €500M it set out to raise. The London firm announced the final close today, splitting the total into €440m of Fund IV commitments and €135m of affiliated discretionary mandates.
The money lends rather than buys, as growth debt gives companies capital without the ownership cost of an equity round, which is a proposition that gets more attractive the harder equity becomes to raise on acceptable terms.
Around 32% of the fund has gone out across 27 companies, among them the B2B buy-now-pay-later platform Billie, the commercial property software firm PRODA, the sales-intelligence company Surfe, and the clinical-stage drug developers Cinclus Pharma and Inventiva.
Claret describes itself as Europe’s largest independent growth debt fund manager, and the qualifier is doing real work. Kreos Capital raised a larger fund at €1.25bn, but BlackRock bought Kreos in...
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