AshGrove Capital (AshGrove), an independent pan-European speciality lender, has held the final close of AshGrove Speciality Lending Fund II at its hard cap of €650m, surpassing its original target of €500m.
This fund is more than 100% bigger than AshGrove’s €300m inaugural fund, making it the only independent European performing private credit fund to achieve such growth in recent years, according to Preqin data.
Fund II achieved a 107% re-up rate among existing limited partners as well as securing over €325m in new capital commitments. In addition to strong European support, over 40% of Fund II capital comes from US-based investors. The Fund now counts pension funds, endowments and foundations, insurance companies, family offices, and fund of funds amongst its diversified investor base.
AshGrove provides tailored credit solutions to small and medium-sized European companies in B2B software and services. The firm specialises in lending €10m-€50m of senior secured debt capital to businesses with robust business models and a high proportion of recurring revenues. Fund II has already committed ~20% of its capital across five investments, with a robust pipeline of further opportunities.
Rede Partners acted as global fundraising advisor and Weil, Gotshal & Manges acted as legal advisor for AshGrove Specialty Lending Fund II.
