Exclusive: Metric holds €340m first close

The firm is expected to close its Fund II on its €450m hard-cap in the coming weeks.

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Metric Capital Partners, a European private debt manager, has held a €340 million first close on its second fund, PEI has learnt.

Metric Capital Partners II, which came to market approximately three months ago targeting €400 million, held the first close this week, according to a source familiar with the matter.

Metric declined to comment on fundraising.

It is understood that demand for the fund exceeds the €450 million hard-cap. The firm will hold a second and final close in the next few weeks, the source added.

All existing LPs that were capable of re-upping have committed to Metric’s second fund. The vehicle attracted a broad mix of investors, including sovereign wealth funds, insurance companies, universities, fund of funds managers, consultants and pension funds.

The firm has also managed to increase the number of LPs from North America. Fund II has a “good mix” of investors from both the US, Europe and Asia, the source said. Metric’s second fund will have a three-year investment period.

Metric, which was set up in 2011 by John Sinik, a former partner at TowerBrook Capital Partners, provides private capital solutions to European small to mid-sized companies. The firm typically invests in both debt and equity, investing approximately €20 million per transaction.

Metric’s debut fund, a €300 million 2012-vintage, is fully invested. The firm has already secured one exit from this vehicle by selling Swedish-based Gävle Container Terminal, yielding an IRR of approximately 60 percent, according to the source. As well as securing one exit, all Metric’s investments have already provided a partial exit in the form of cash yield.