Praesidian Capital, a New York-based provider of mezzanine debt for middle-market companies, has announced the closing of Praesidian Capital Investors II with total capital commitments of
Praesidian Capital, a New York-based provider of mezzanine debt for middle-market companies, has announced the closing of Praesidian Capital Investors II with total capital commitments of USD236m.
‘This fund is a representation of a diversified group of investors who trust in our ability to continue generating attractive returns on a risk-adjusted basis,’ says Praesidian managing partner Jason Drattell.
‘We are very appreciative of the continued support of our original investors and the interest demonstrated by new investors. We will continue our strategy of providing capital to middle-market companies by partnering with both strong equity investors and talented management to unlock the full potential of the businesses they own.’
Praesidian Capital Investors II is seeking investments in established, historically profitable companies with revenues between USD15m and USD150m and earnings before interest, tax, depreciation and amortisation of between USD4m and USD15m. Since its establishment, the firm has invested in 17 companies and completed seven add-on investments to existing portfolio companies.
Investors in the fund include institutional investors as well as family foundations and high net worth individuals. The firm’s partners have more than 100 years of investing experience in middle-market companies, with backgrounds in mezzanine, senior debt and private equity investing as well as operations, corporate finance and mergers and acquisitions, and include Drattell, Neil A. Marks, Edward ‘Ted’ Koch III and James A. Fisher.
Praesidian provides mezzanine debt for management buyouts, recapitalisations and refinancings, and seeks to make investments in the manufacturing, distribution and service sectors, although the firm’s approach is not driven by an industry focus.