Bank of Scotland Corporate and Bear Stearns Asset Management Inc.
Bank of Scotland Corporate and Bear Stearns Asset Management Inc. (BSAM) have set up a joint venture to invest in a EUR 233m portfolio of eight seasoned European mezzanine funds.
The joint venture vehicle is called BoS Mezzanine Partners Fund, LP and is owned equally by a subsidiary of Bank of Scotland and an investment vehicle (majority owned by Bear Stearns Private Equity Limited) established by the Private Equity Advisors group within BSAM. The Structured Products business of Bank of Scotland will administer the investment portfolio as well as provide debt facilities.
Robert Mitchell, Director of Structured Products at Bank of Scotland Corporate said:
"This joint venture is an important step in our strategy to expand our business to include third-party management services to institutional investors seeking access to the Europe’s leading mezzanine fund managers. We are excited to begin our program with a partner such as BSAM and look forward to building upon our relationship’
Troy Duncan, Managing Director of the Private Equity Advisors group at BSAM, commented: "We are very pleased to partner with Bank of Scotland in this joint venture. We hope to not only to benefit from the investments held in the partnership, but also from Bank of Scotland’s expertise as one of the most experienced proprietary investors in the European mezzanine market.’
Bank of Scotland was advised by Transparent Capital Limited, a London-based private equity advisory firm.
