Promethean Investments seeks $240 mln for second fund

U.K.-based Promethean, a special situations investor, is seeking 150 million pounds (US$240 million) for the pool, one source said. The hard cap for Fund II is 250 million pounds, the source said.

Promethean held a 20 million-pound first close earlier this week, the source said. Stonington Capital Advisors is the placement agent for Fund II.

The firm plans to hold a final close by the end of the first quarter of 2014, the source said. Promethean’s first fund collected 50 million pounds in 2005.

Promethean, which means creative or boldly original, only invests in U.K. companies.

The PE firm focuses on distressed and non-standard private equity deals. Promethean will invest 5 million pounds to 30 million pounds in equity per deal. Fund I invested in Cambria Automobiles, InterMediactive and January Loan Services.

Officials for Promethean and Stonington declined comment.

Luisa Beltran is a senior reporter for peHUB