Cheyne Capital Management is targeting €750 million for its latest fund which will focus on lending to European mid-cap forms not currently served by private equity investors, according to a report by Bloomberg.
The report cites unnamed sources as saying that the fund’s investment approach will see Cheyne provide single and multi-tranche financing from first lien loans to preferred equity, with the fund, which will have a six or seven year lifespan, set to focus on firms with earrings of between €10 million and €100 million.
Its target net return of 15% puts it inline with more opportunistic credit strategies, and it will have a six or seven year lifespan.
Cheyne is targeting an autumn launch for the new fund.
