RiverRock European Capital Partners LLP has announced the first external close of its European Opportunities Fund at EUR76mn in subscriptions (approx. USD108m). The fund now expects to finalise its legal close by the end of May and make its first investments shortly thereafter.
The final close is expected to occur within 12 months and the target size of the fund is EUR250m. The cornerstone investor in the fund is the European Investment Fund (EIF) alongside other leading institutional investors and private family offices in Europe and the Middle East, as well as RiverRock’s own internal capital.
The European Opportunities Fund is a five year fund targeting direct lending to strong, small to mid-sized European companies that are looking for growth or working capital in order to build their businesses. The fund typically invests between five and fifteen million Euros in each company and works actively with the management to strengthen and grow these companies.
Jason Carley (pictured), RiverRock’s Chief Investment Officer, says: “We are very excited to be able to announce this close and greatly appreciate the support of our investors. The availability of capital for European SME’s remains terribly depressed and with the withdrawal of so many traditional financing sources from the market this situation has become structural rather than merely cyclical. We look forward to helping deserving companies across Europe access financing and support.”
Florian Lahnstein, CEO, adds: “Looking across Europe, the challenges which still face the financial sector will take some time to unravel. Small and medium sized companies which are the backbone of Europe are frequently the victims of this capital shortage. With our first close I am glad that we can work with the best of these companies to encourage investment, growth and employment.”
