BC Partners to launch $200m opportunistic fund – exclusive

As the firm’s foray into private credit, the vehicle will be sector agnostic and invest in the US and Europe.

BC Partners is preparing its debut private credit fund, which will consist of money from the firm’s partners, including Ted Goldthorpe, the former Apollo executive who began a private debt arm in February. 

The vehicle will be a friends-and-family-backed opportunistic pool of capital amounting to around $200 million, according to a source familiar with the situation. Its investments will be focused on the US and Europe and embrace an array of industries, this person said.

The firm declined to comment.

The fund is the opening salvo on the credit side from BC Partners, a firm that, while based in London, runs its debt practice out of New York. The fact that its first vehicle concentrates on opportunistic investments fits Goldthorpe’s background, which includes stints heading Apollo Investment Management’s US opportunistic business and at Goldman Sachs’ special situations group.

Goldthorpe also hired several former Goldman Sachs colleagues to help him build out the private credit operations, BC Partners announced in February. The hires include Matthias Ederer, a former partner at Wingspan Investment Management, and Henry Wang, a former partner at Stonerise Capital Partners, who both joined the firm as partners.

BC Partners is just the latest private equity firm to launch an alternative lending practice, a practice that has been embraced by firms from The Riverside Company, a buyout firm specialising in lower mid-market deals, to Adams Street Partners, an asset manager with venture capital and fund-of-funds strategies in addition to majority-equity investments.

BC Partners manages €12 billion across its Hamburg, London, New York and Paris offices. The firm’s current equity portfolio companies include pet supply retailer PetSmart and financial media company Mergermarket.