Bluegem secures sub line from OakNorth
Bluegem Capital Partners has received its first subscription facility from OakNorth Bank.
A spokesperson for OakNorth confirmed to The Drawdown that the subscription facility relates to the Bluegem Secondary fund.
The deal marks OakNorth’s first transaction in the fund finance space.
Key investors include Glendower Capital, Strategic Partners, BMO Global Asset Management and Bluegem GP.
In a statement, Mohith Sondhi, senior director, debt finance at OakNorth Bank said, “With this facility we were able to demonstrate how our bespoke funding solutions apply to funds just as much as SMEs.”
OakNorth provides debt finance facilities between £500k to £50m to fast-growing businesses and established property developers.
London-based BlueGem Capital Partners was founded in 2007 by Marco Capello and Emilio Di Spiezio Sardo. The firm mostly invests in European consumer brands and currently manages more than £420m of assets across its three funds.