TDC closes second fund at £237.6m

Tosca Debt Capital, a specialist debt fund focussed on investing in the North of England, has announced a £237.6m final close of its second fund.

Fund II was raised from a number of investors who subscribed to Fund I, which closed in 2016 and has been fully invested, but also attracted significant new institutional investors including British Business Investments, the commercial arm of the British Business Bank, and, Strathclyde Pension Fund.

Fund II will continue to focus on investment opportunities in the UK’s thriving regional deals market, funding transactional activity across the SME space into diversified sectors, having deployed about £68m of capital across four regional investments during November and December, 2017.

To date, the Manchester-based regional debt fund has raised funds of about £330m and has invested £160m into 14 growing businesses across the UK.

This capital has assisted a range of financial transactions, including MBOs, acquisitions and refinancing, for businesses that collectively employ more than 6,500 staff and turnover of approximately £2bn.

Gary Davison, partner at TDC, said: “We are delighted to be able to announce the successful close of Fund II and to have attracted a strong and experienced investor base and we are looking forward to continued success as we enter 2018 with an exceptionally strong pipeline of opportunities and committed team of professionals.”