Black Toro raises €235m for Spanish turnaround – Exclusive

The Spanish special situations manager already has its sights set on a successor fund.

Spanish special situations house Black Toro Capital has closed its second fund on €235 million, Private Equity International has learned.

The fund, which officially closed on 31 December, was initially targeting €350 million. Black Toro Capital did not want to be in market for more than a year, and so decided to close the fund on €235 million, partner Jose Manuel de la Infiesta told PEI.

The Black Toro Capital team made a GP commitment of €10 million.

With Fund II already more than 70 percent committed, the firm is expecting to launch its third fund during the last quarter of 2017.

The firm held a first close on the fund on €136 million in December 2015, one month after its launch, as reported by PEI sister title Private Debt Investor.

Investors in the fund include the University of Michigan and Allstate Investments, the investment arm of US-based insurer Allstate, according to PEI data.

Making both debt and equity investments, Black Toro Capital targets mid-sized businesses in Spain which have been abandoned by the traditional financial system. Many of these companies are owned by banks, which are seeking to reduce their exposure to such businesses as Spain’s financial sector undergoes an extensive restructuring in the wake of the 2008 crisis.

Black Toro Capital has already committed €175 million from Fund II into five investments. These include active pharmaceutical ingredient company Antibióticos de León; Carbures Group, which develops and produces carbon fibre composite structures for the aerospace, automotive and infrastructure markets; motorcycle group Torrot Gas-Gas; and women’s shoe retailer Marypaz.