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Silverfleet Capital closes second buyout fund at EUR850m

Silverfleet Capital partners has closed its second buyout fund, Silverfleet Capital Partners II, at EUR850 million, some EUR150 million ahead of it’s initial target.

Fundraising, which was advised by Proskauer, began in the second half of 2014 attracted commitments from a range of investor types across various geographies, including insurance groups (42%), pension funds (29%), fund-of-funds groups (15%), sovereign wealth funds (9%) and family offices. Silverfleet II will focus its investments on mid-market enterprises with values of EUR75-250 million headquartered in the UK and Ireland, DACH, France and Benelux, and Nordic regions of Europe in the business and financial services, health care, manufacturing, and retail, leisure and consumer products sectors.
 
“We have been extremely impressed with the professionalism and hard work of the entire team at Proskauer that advised on this fundraising,” says Neil MacDougall, managing partner at Silverfleet Capital. “From esoteric tax or regulatory issues in the UK or USA, through to helping to find commercial compromises in tough negotiations with LPs, Nigel and his team have been outstanding and we would like to thank them all for their support and assistance in getting to this final closing.”
 
Silverfleet Capital has been an active European mid-market private equity investor for 30 years and currently manages around EUR1.6 billion. The business focuses its investments on four core sectors: business and financial services, health care, manufacturing, and retail, leisure and consumer products, successfully investing EUR3 billion in 115 businesses since 1990. Silverfleet Capital has a consistently strong investment track record. Most recently it successfully exited Aesica, the leading pharmaceutical CDMO business (3.3x cost).
 
The Proskauer team has a longstanding relationship with Silverfleet, advising the team on various fund structures since 2003, including Fund I raised at the same time as the spin-out from Prudential in 2007. This fundraise was led by partner Nigel van Zyl, and included partner Kate Simpson, and associates Jonathan Short, Lewis Phillips and Sophie Smith (Corporate); partner Robert Gaut, and associates Catherine Sear and Greg Branagan (Tax); and partner Peter McGowan and special counsel John Verwey (Regulatory). Additional assistance was provided by a Boston-based US team, including partner David Tegeler, and associates Camille Higonnet and Shaun Barnes (Corporate); partner Mary Kuusisto, and associates Brian Huber and Amanda Hellenthal (Tax); and partner Ira Bogner and associate Adam Scoll (ERISA).
 
Proskauer’s London office offers both UK and US legal advice locally, working across various disciplines including private investment funds, mergers and acquisitions, capital markets, finance, restructuring and insolvency, labour and employment, financial services regulation and tax. The Private Investment Funds Group has advised institutional investors on more than 1,100 investments, representing over USD40 billion, since 2012.

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