Patron announces first closing on fund at $70m

The fund will be invested in assets or as equity.

Patron Capital has announced the first closing of its Patron Capital Partners Fund at $70m.

The first close has commitments of up to $70m, which Patron estimates will net it $350m in assets.

Patron aims to close its fund with enough commitments to allow up to $1.25bn of asset purchases or $250 million of equity investment.

The fund is to be invested in property and asset-backed companies in Western Europe.Investors include US and European institutions.

In keeping with its investment focus, Patron is considering a bid for Cammell Laird, the Merseyside shipyard in receivership. Patron faces possible rival bids from Alchemy, an MBO team and UK and German shipyards. The investor also made an offer in January for Simon Group, a UK port operator.

Patron was set up in 1999 and is led by Keith Breslauer, a former director at investment bank Lehman Brothers.