European buyout house BC Partners is said to be close to reaching a deal to buy Italian paper manufacturer Fedrigoni from Bain Capital at a valuation of €3bn.
BC Partners was said to have fallen well short of its €8.5bn goal for its new flagship buyout fund after struggling to persuade some of its long-term backers to re-up. It was reported in February that it had collected about €5.3bn for Fund XI.
The firm hauled in €7bn for the final close of its tenth buyout vehicle at the start of 2018, comfortably beating the €6.7bn it raised for Fund IX in 2012.
It has also scored other fundraising successes through the pandemic, with its credit arm closed its Special Opportunities Fund II on $1.2bn, smashing its initial $750m target.
Read more: AltAssets
