The Private Investment Funds team advised Patron Capital on the closing of its seventh flagship fund, raising in excess of €860 million, including more than €200 million of Patron discretionary co-investment capital for larger opportunities. Of the capital raised for Patron Capital, L.P. VII (‘Fund VII’), 76% came from Patron’s existing investor base and existing relationships, with the majority of commitments coming from the US and Canda, followed by Asia-Pacific, Europe and the Middle East. Fund VII will continue the same investment strategy as Patron’s previous funds, opportunistically targeting distressed and undervalued investments, directly or indirectly related to property, across Western Europe. The fund will invest across a range of sectors in property-backed corporate investments as well as individual properties. Patron’s typical deal size ranges from €30-to €80 million in equity, enabling Patron to deploy its granular approach and target opportunities that are off market or not accessible to other investors, while Patron is able to realize larger opportunities using its co-investment capital.
Patron represents approximately €5.2 billion of capital raised across several funds and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses.
Kendall Langford, Patron’s General Counsel and a founding partner of the Patron Capital group commented: “In what was a challenging fundraising environment, the seamless collaboration resulting from the long standing relationship between the Patron and Goodwin teams played a key role in enabling Patron to satisfy investor requirements and close Fund VII”.
The Patron legal team was led by Kendall Langford and Heting Li and the Goodwin team was led by Patrick Deasy, Pete Parkes, Fergus Plant, Alexandrine Armstrong-Cerfontaine and Philip Spilberg and Ed Saunders (Finance) and Glynn Barwick (Regulatory).
For additional details on the fund closing, please read the press release.