14 April 2016

Carey Olsen advises Park Square Capital on €1.2 billion fund

Park Square Capital Partners has launched its third subordinated debt fund; securing €1.2 billion of investor commitments with advice from Carey Olsen's investment fund specialists.

The fund, Park Square Capital Partners III, will continue the strategy of investing in the debt of high-quality levered companies backed by leading private equity sponsors across Europe and the US. The fund is able to use leverage taking its total investable capital to €1.5 billion. The predecessor fund, Park Square Capital Partners II, which is a 2010 vintage fund, closed at €850 million.

Carey Olsen partner Andrew Boyce and senior associate Alex Mauger advised on the Guernsey elements of the final close, including structuring, fund formation, regulation, marketing and launch.

Advocate Boyce said: "We have worked on a number of fund launches with Park Square Capital and the firm's growth is reflective of the market's appetite for these products. This is one of several large debt fund launches of recent months forming a trend that looks set to continue."

Robin Doumar, managing partner at Park Square Capital, said: "We have received strong support once again from our investors for our latest subordinated debt fund.

"The continued retreat from leveraged finance by the banks, coupled with record levels of private equity dry powder, is creating significant demand for private credit in Europe."