bd-capital closes second fund at €430 million, surpassing target

LONDON: bd-capital, the pan-European, operator-led investment firm, has announced the final closing of its second fund, bd-capital Fund 2 (“Fund 2”), at €430 million.

The fund exceeded its target of €350 million by more than 20% after less than twelve months in the market. With the closing of Fund 2, bd-capital’s assets under management now total over €800 million.

Commitments to Fund 2 were secured from a diverse cohort of institutional investors, including insurance companies, pension funds, sovereign wealth funds, and family offices. Capital contributions came from Europe, the Middle East, and a significant proportion from North American investors.

bd-capital’s Managing Partners, Andy Dawson and Richard Baker, expressed their gratitude for the support from existing limited partners and welcomed new investors into Fund 2.

“To have exceeded our fundraising target in a relatively short timeframe is a validation of our distinctive, operator-led, pan-European multi-sector specialist strategy. The firm continues to expand, and with this new fund, we are well-positioned to capitalize on the exciting opportunities in our target sub-sectors as we move onwards,” they said.

bd-capital’s unique investment approach to the European mid-market utilizes an operator-led strategy, where a team of private equity investors and experienced business leaders work in partnership across all aspects of sourcing, diligence, execution, and value creation.

The firm was supported by its partners at Houlihan Lokey (exclusive global placement agent), Weil, Gotshal & Manges (legal counsel), and Langham Hall (fund administration).

Founded in 2019 by Andy Dawson, a former Partner at Advent International, and Richard Baker, a former FTSE 100 CEO and Chairman, and Advent Operating Partner, bd-capital employs an operator-led investment strategy. The firm makes control investments in mid-market businesses headquartered in the UK, BeNeLux, and Iberian markets, operating in subsectors experiencing enduring structural growth across Healthcare, Services, and Consumer sectors. bd-capital has offices in London, Amsterdam, and Madrid.