US Venture Capital firm GSC Partners has raised $660m (E719m) at second closing of its GSC European Mezzanine Fund.
Richard Hayden, chairman of GSC Partners Europe, said: “The reception we have received has been excellent in what is a difficult fundraising market.”
The fund, which was launched in March last year, is intended to be the largest mezzanine fund dedicated to Europe. It is expected to reach $1bn at final closing.
It will provide mezzanine capital to European issuers in the form of subordinated debt and preferred equity to finance leveraged buy-outs and strategic acquisitions, or to pursue growth strategies and recapitalisations for existing companies.
GSC Partners focuses solely on mezzanine financing in Europe.