Private equity firm Bregal Sagemount has held the first and final close of Bregal Sagemount II at the hard cap with total commitments of USD960 million.
Sagemount II was oversubscribed and significantly exceeded the original USD800 million target.
Sagemount II will continue Bregal Sagemount’s strategy of providing flexible capital and strategic assistance to companies in high-growth sectors across a wide variety of industries and transaction situations.
Bregal Sagemount is part of Bregal Investments, which is a global private equity group with offices in New York, Dallas, London, Munich and Jersey. Investment vehicles associated with Bregal are the sole investors in USD500 million predecessor fund, Sagemount I, and have made the largest commitment to Sagemount II.
Sagemount II’s other limited partners, all institutional investors, include endowments, pension plans and insurance companies. Sagemount II is the first fund from the Bregal Investments group to seek multiple outside investors, a process that Bregal Investments will continue to execute for other fund vehicles moving forward.
“We are very pleased with the significant level of interest in our second fund and we’re eager to put this capital to work investing in market-leading companies in high-growth sectors,” says Gene Yoon, managing partner of Bregal Sagemount. “This fundraise underscores the success Bregal Sagemount has realised in its short history, which is a credit to our entire team of experienced and hard-working professionals. We thank our existing and new investors for their support and commitment to Bregal Sagemount, and we will continue to strive to deliver them strong risk-adjusted returns.”
Bregal Investments, which has invested over USD12.5 billion globally since 2002, launched Bregal Sagemount in partnership with the Sagemount management team in June 2012.
“Under the leadership of Gene and his senior team, Bregal Sagemount has executed on its strategy and grown to become one of the premier providers of private capital for growth companies,” says Quentin Van Doosselaere, co-chief executive officer of Bregal Investments. “We are very proud of their progress and are confident they will continue to build upon their consistently strong track record. Importantly, opening this fund to outside investors is a pivotal step in the evolution of Bregal Investments as a whole as we intend to enlarge the size and depth of our limited partner base for our other fund vehicles as well.”
Goodwin Procter and Dechert acted as legal counsel. MVision Private Equity Advisers acted as strategic fundraising adviser.
