GSC Partners has $660m at second closing

GSC Partners is on the way to reaching the $1bn target it has set for its European mezzanine fund.

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.