Kreos Closes Fund 4 at €240 million
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Kreos Closes Fund 4 at €240 million

kreos nfKreos Capital has held a final close of Kreos Capital IV at €240 million ($320 million) with commitments from a group of 20 limited partners. The new fund increased its target from €200 million to €240 million to meet strong market demand.

Kreos growth debt facilities are structured as short-term, no-covenant loans, with equity and exit upside potential, and with minimal dilution for management teams and equity sponsors.

The final close will enable Kreos IV to target up to €600 million of lending over the full commitment period of the fund, to more than 100 companies in Europe and Israel across all stages and a wide range of industries.  Kreos IV has already committed some €150 million to 40 high-growth companies since it started investing in the second quarter of 2012, with up to €450 million available for further investments over the next three to four years.

“Kreos’s growth debt facilities are an excellent fit for many of this market’s later stage growth companies,” said Marten Vading, general partner of Kreos. “We enable our equity sponsor partners to keep the continuity of their boards, their strategies and exit horizons while giving the management teams the capital they need to keep up their growth trajectories all the way to a profitable exit without giving away control.”

“We have a strong track record of having supported our companies through 2 business cycles and we will continue to do this,” said Ross Ahlgren, general partner of Kreos. “Demand has certainly increased due to the current funding gap – but this is not a recent development as our portfolio companies have always valued the Kreos team’s flexibility and continuity. We have been together for more than 15 years providing a very stable financing partner that has the firepower to reinvest if needed.”

Azla Advisors, led by Managing Director David Waxman, served as advisor, with Tom Beaudoin of Goodwin Procter serving as lead counsel to Kreos Capital.

Kreos is a growth debt provider for high-growth companies in Europe and Israel with revenues up to €150 million. Since 1998, Kreos has committed more than €1 billion of debt financing in over 300 transactions, with an emphasis on the UK, France, Germany, the Nordics and Israel. The firm is based in London (www.kreoscapital.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 9-11-13

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