Ex-Apollo execs make headway with special sits fundraise – exclusive

Intriva Capital has held a first close on its sophomore fund which will target small to mid-market companies experiencing distress.

A special situations-focused firm founded by former Apollo Global Management executives has held a first close on its sophomore fund.

London-headquartered Intriva Capital has raised around €100 million out of a €300 million target for Intriva Capital European Principal Investment Fund II, according to a source familiar with the fundraise.

The firm launched Fund II at the beginning of the year and expects to hold a second close on around €200 million by the end of May, it is understood.

The fund will follow a strategy of making investments in western European asset-backed corporate and real estate special situations.

Intriva seeks control-oriented debt and equity investments in small to mid-market companies experiencing distress or which need capital, according to its website. It invests via direct equity investments, mezzanine or hybrid structures.

The firm was launched in 2016 by Tyler Mingst and Simon Finn. Mingst previously spent six years at Apollo where he was a partner, while Finn spent five years at the investment giant where he was a managing director.

Intriva also has an office in Frankfurt, according to its website.

The firm’s debut vehicle, the 2017-vintage Intriva Capital European Principal Investment Fund I, is understood to have collected €120 million.

Market participants are expecting a wave of dealflow for distressed opportunities caused by the coronavirus pandemic. Distressed and turnaround funds raised $9.17 billion last year and accounted for just under 2 percent of total private equity fundraising, according to PEI data.

Intriva did not return a request for comment.