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01 June 2015

Silverfleet closes second independent fund at €850 million hard cap

Fund II exceeds original target of €700 million

Silverfleet Capital, the European mid-market private equity firm, today announces the final closing of Silverfleet Capital Partners II, LP (“Silverfleet II”), with total capital commitments of €850 million. The closing marks the conclusion of a successful fundraising, which started in H2 2014 and exceeded its original target of €700 million.

Silverfleet II received commitments from 25 institutional investors allowing the firm to diversify its investor base both by investor type and geographically. Insurance groups committed 42%, pension funds 29%, fund-of-funds groups 15%, sovereign wealth funds 9% and the balance came from family offices. 75% of commitments came from European investors, of which Nordic, German, Swiss and Dutch investors represented half, 15% came from investors in the USA and 10% from the rest of the world.

Silverfleet will continue to implement the buy-to-build investment strategy that it has pursued for 30 years. Silverfleet invests in businesses with enterprise values of €75 – 250 million, headquartered in the UK & Ireland, DACH, France & Benelux and Nordic regions of Europe. The four sectors on which Silverfleet focuses are business & financial services, healthcare, manufacturing and retail, leisure & consumer products.

Neil MacDougall, Managing Partner of Silverfleet Capital said: “Raising our second fund marks another significant step forward for Silverfleet Capital since the firm’s buyout in 2007. Not only have we received strong support from existing long-term investors, for which we are very grateful, but we have also been able to establish several new investor relationships. The European mid-market, in which we have operated for 30 years, continues to offer attractive buyout opportunities and we look forward to deploying this fund into our four target sectors within the four European regions that we focus on.”

Annette Wilson, Head of Investor Relations of Silverfleet Capital said: “One of the firm’s key objectives has been to diversify its sources of capital and broaden its range of investor relationships. This fundraising has achieved that objective and we are very pleased to have received new commitments from a number of widely respected and highly experienced investors in the asset class and we would like to welcome them and thank them for their support.”

Credit Suisse Asset Management acted as adviser and exclusive placement agent to Silverfleet II and Proskauer Rose LLP acted as legal, tax and regulatory adviser for the fundraising.