MezzVest, the mezzanine finance arm of CapVest, has closed its second fund on €1.5bn. MezzVest II will invest its capital in Western Europe over the next four to five years, committing between €20m and €100m of senior mezzanine per asset. It will also participate in second lien investments, junior mezzanine investments (PIKs) and high yield bridges.
The predecessor fund, MezzVest I, was launched in 2002. This was MezzVest’s first third party fund; it previously used funds provided by AIG. It closed in July 2003 on €280m, one third of which came from AIG. The fund later raised €450m of debt. It has so far invested €815m in 33 deals, 13 of which have been redeemed. Over 90% of the investors in the first fund have recommitted to MezzVest II.