Patron finds €303m for distressed assets

The firm’s second vehicle drew roughly double the commitments of its first fund.

Patron Capital, which focuses on European and UK “asset based investments,” has held a final close on its second fund, rounding up a total of €303 million ($384 million).

Fund I drew €151 million. A press release noted that the most recent vehicle closed in August. Monument Group acted as a placement agent for Fund II.

According to the firm’s partners, the fund gives them the ability to acquire approximately €1.5 billion in assets.

Patron Capital invests in undervalued and distressed property assets in the UK and Western Europe. The firm focuses on opportunities of between €10 million and €45 million.

Keith Breslauer, Patron Capital’s managing director and founder, said in the statement: “The current market environment is ripe for our investment.”

The firm has offices in London, Barcelona and Luxembourg.