special situations

The New York-headquartered firm, which makes control-oriented investments in financially or operationally distressed companies, will focus mainly on the industrial sector.

The Swiss banking group will seek up to €200m for a vehicle targeting primary fund commitments, directs and secondaries opportunities across private equity, debt and real estate.

The firm is aiming to hold a first close for Bain Capital Special Situations Europe in April, according to a Bain document seen by PEI.

The special situations investment shop is expected to invest in fewer than 20 companies.

The special situations manager has secured commitments from mostly offshore LPs such as funds of funds, European family offices, and US and Asian endowments.

Brexit is a large contributor to challenges that have plagued Terra Firma’s portfolio company Four Seasons Health Care, he said at a PEI conference in New York.

Private equity managers are building war chests as they prepare for the market to sink, but forecasting when it will happen is tricky.