– Mezzanine Management closes fund

Mezzanine Management has finally closed its third fund, Mezzanine Management Fund III, at over $525 million (E613.6 million). There were 24 investors in this latest fund, five of which had invested in Mezzanine Management’s previous fund that had a total of only 11 investors. The geographic split of investors in the new fund was 20 per cent from the UK, 27 per cent from continental Europe and 44 per cent from North America and the remainder from a Gulf consortium.

The fund has already started investing and the expectation is that a quarter of the fund will be invested in the US. Rory Brooks of Mezzanine Management is optimistic about the economic environment in Europe and for opportunities in the mid-market – the firm’s target market.

The fund has already made two investments including one of $12 million in Xtreme Information, a player in the advertising monitoring business. This was a $7 million equity and $5 million mezzanine injection – a junior capital solution that Brooks expects to repeat.