Triton Partners is seeking to raise €1 billion for its new Europe-focused private credit fund, according to market sources.
The firm started fundraising for Triton Debt Opportunities III in March this year and has already received commitments for nearly half the target, sources said. The target fund size is 34% bigger than its predecessor, which closed in October 2020 at €744 million, surpassing its initial target of €550 million. A spokesperson for Triton declined to comment.
Strong appetite
The response signals a strong appetite for a credit-focused fund amid a challenging fundraising environment buffeted by rising interest rates and uncertain macro conditions. This backdrop has made limited partners extremely selective, generally only backing funds with a good track record despite what has been a favourable market for private credit.
Triton's new credit strategy will invest in senior secured, non-control positions across the capital structure in mid-market companies, with an average investment size typically between €10 million and €60 million and in businesses with enterprise values of up to €500 million, sources said.
The strategy will largely follow similar sectors and geographies to the firm's predecessor funds and other private equity strategies — covering sectors such as industrials, health, consumer and business services, and across northern and western Europe, including the UK and Ireland, Nordics and Benelux.
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This article originally appeared on PitchBook News