Metric Capital exceeds €1.1bn target for latest fund – exclusive

The London-based special sits firm has raised the lion’s share of the capital for its fourth vehicle from existing LPs.

Special situations firm Metric Capital Partners has surpassed its target for its latest offering after around three months in market, Private Equity International has learned.

The London-based firm has gathered €1.2 billion against a €1.1 billion target for MCP Private Capital IV, a source with knowledge of the fundraising told PEI. The fund has a hard-cap of €1.25 billion.

All of the capital raised for MCP IV came from MCP III investors, and the GP commitment is nearly double that of the third fund, the source added. It is unclear how much Metric committed to its latest vehicle.

Texas County and District Retirement System, San Francisco Employees’ Retirement System and Florida Retirement System Trust Fund are LPs in Fund III, according to PEI data.

Metric has yet to hold a final close on the fund.

MCP IV is approximately 40 percent larger than its 2016-vintage, €860 million predecessor, which has sealed eight deals thus far including in French business services company Groupe Onepoint SAS and Parmaco Oy, a Finnish company that produces modular buildings.

Capital raised for the fund will follow the same strategy as the firm’s previous vehicles, providing bespoke capital solutions including senior debt, subordinated debt, convertible instruments and preferred and/or common equity to Europe-based companies. Ticket sizes are between €50 million and €250 million.

The firm declined to comment on fundraising

Earlier this year, Metric scrapped plans to raise capital for a dedicated private equity fund due to investor concerns about how the firm would allocate resources between the new private equity partnership and its flagship credit team, according to the Wall Street Journal.

The firm sought to raise the consumer-focused fund last year by teaming up with Virgin Group founder Richard Branson. The target was €500 million.