The London office of Debevoise & Plimpton LLP has advised Park Square Capital Partners (“Park Square”), one of Europe’s leading independent credit providers, in the successful final close of Park Square Capital Partners III (“PSCP III” or the “Fund”) at €1.2 billion of investor commitments.
PSCP III closed significantly above its initial target of €1.0 billion, and is also substantially larger than its predecessor Park Square Capital Partners II, a 2010 vintage fund, which closed at €850 million.
PSCP III is Park Square’s third subordinated debt fund, and will continue the strategy of investing in the debt of high-quality levered companies backed by leading private equity sponsors across Europe and the U.S. Park Square’s flexible investment approach means the Fund is able to deploy capital across the market cycle, focusing on new lending during stable market conditions, and on secondary investments during periods of price dislocation.
PSCP III has attracted a broad mix of investors by type and geography, including commitments from sovereign wealth funds, pension funds, insurance companies and other institutional investors across Europe, the U.S. and Asia.
Debevoise has advised Park Square on a number of its previous funds, including Park Square Capital Partners II.
The Debevoise team advising Park Square was led by London partner Geoffrey Kittredge, and included associates Benjamin Amos and Christopher Cartwright. Tax advice was provided by London partners Matthew D. Saronson and Richard Ward, assisted by Patrick Fasoro.
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