(February 22, 2012, Weil News)
Weil's London private funds group has represented BC Partners in connection with the final closing of its latest buyout fund, BC European Capital IX (“BCEC IX”), at the hard cap of €6.5 billion in investor commitments. According to media reports, BCEC IX represents the biggest European buy-out fund to have a final close since the height of the financial crisis. The Weil team representing BC Partners was led by funds partner Nick Benson, together with funds associates James McCrory, Laura Carrier and Peter Boulle, and worked alongside lawyers from Clifford Chance (where the Weil funds team were based until December 2011 and who continue to advise BC Partners on US tax and US regulatory matters relating to BCEC IX) and Simpson Thacher on the fundraising mandate.
Nick Benson said: "
The success of this fundraising demonstrates that top-tier managers are still able to raise significant amounts of capital in difficult market conditions. The outlook for fundraisings in 2012 remains uncertain, particularly in the mid- to large-buyout space, but established managers with strong track records can take some comfort from BC Partners' success."
Mike Francies, Managing Partner of Weil's London office, said: "
My congratulations go out to BC Partners for achieving their target fund size in what remain very difficult markets. It is a credit to their organisation and Weil has been delighted to assist them to successfully get over the line."