Triton Debt Opportunities (TDO), the opportunistic credit arm of European investment firm Triton, announced the final close of its third fund (TDO III) in excess of its €1 billion fundraising target.
TDO III is 40 percent larger than its predecessor fund, which closed “at €744 million in October 2020.”
TDO III invests opportunistically in the credit of mid-market European firms, primarily in Triton’s core sectors “of Business Services, Industrial Tech, and Healthcare.”
It focuses on pull-to-par investments in senior secured non-control debt of fundamentally sound companies “facing temporary headwinds, via the secondary market.”
It also provides primary and asset-backed lending on ‘an opportunistic basis.”
TDO’s team benefits from the resources, sector knowledge, and network its platform. This is said to include the expertise of Triton’s private equity investment team and “the ca. 65 operational experts and functional specialists from West Park—Triton’s dedicated returns generation unit.” Pension funds, sovereign wealth funds, foundations, family offices and insurance companies are said to have committed funds.
The fund reports that it has invested c.€500 million across “more than 20 investments with realised value of more than €150 million.”
Amyn Pesnani, Managing Partner, Head of Triton Debt Opportunities:
“We thank all our new and existing investors for their support. TDO III has been raised at an exciting time that is rich in opportunities as the European leverage finance market continues its rapid growth and conditions are favorable for opportunistic debt investing. With our differentiated sourcing capability, proven investment approach and ability to draw on the strengths of the wider Triton platform, TDO III is strongly positioned to benefit from these trends.”
Established in 1997 and owned by its partners, Triton is a European mid-market sector-specialist investor.
Triton explains that it focuses on investing in businesses that provide “mission-critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.”