Black Toro Capital holds first close on Fund II

Spanish special situations manager Black Toro Capital has reached a first close on €136 million for its second fund aided by a commitment from the University of Michigan.

Spanish lender Black Toro Capital (BTC) has held a first close on €136 million for its second debt fund that launched one month ago, it said in a statement.

US endowment the University of Michigan has committed €50 million to the new fund. Allstate Investments, the investment arm of US insurer Allstate, is a cornerstone investor and has committed €73 million to the new vehicle, as reported.

BTC is targeting an additional closing during the first quarter of 2016 for the special situations fund that has an overall target of €350 million.

“We are delighted with the University of Michigan’s decision to support BTC II following an extensive due diligence process into our team, the opportunity in Spain and existing competing funds,” BTC said in a statement.

BTC makes debt and equity investments in Spanish companies with viable and proven business models that are undergoing financial and liquidity constraints, as well as strategic leadership and ownership misalignments.

The manager is focused on partnering with company owners and other key stakeholders to provide structured capital solutions.

The firm has executed four transactions and deployed €80 million in direct investments and co-investments over the last year.