Better Capital undertakes fourth fundraising

Carey Olsen has acted for private equity fund Better Capital PCC Limited on the raising of £185.6 million through a placing and open offer to new and existing shareholders.

Net proceeds of £182.0 million were deployed into Better Capital's Fund II to invest in a portfolio of distressed businesses.

The fundraising follows Better Capital PCC Limited's conversion into a protected cell company and the launch of Fund II last year.

Working with DLA Piper as lead counsel, the Carey Olsen team advising Better Capital on the fundraising was led by corporate partner Tom Carey (pictured) and included senior associate Tony Lane.

Tom Carey commented, "This is an impressive fourth fundraising in the context of current investment markets and it's been fantastic to support Better Capital once again as it seeks new investment opportunities."