DLA Piper is pleased to announce it has advised Jon Moulton’s Better Capital LLP (“Better”) and BECAP12 Fund LP (“Better Capital Fund II “), one of the funds in which listed Better Capital PCC Limited invests, on an innovative joint venture fund with the National Pensions Reserve Fund of Ireland (“NPRF”), Ireland’s €14 billion social welfare and public service pension fund.
The DLA Piper team was led by investment funds partner, Gawain Hughes assisted by Charles Vermeylen, George Metcalfe and Christopher Elliot. Carey Olsen advised Better on Guernsey law and Maples & Calder (Dublin) on Irish law aspects. NPRF were advised by Hogan Lovells.
The Fund will be investing in a portfolio of distressed businesses in Ireland and Better will establish a Dublin office which will be operational from January 2013 to provide services to the Fund.
Paul Carty, Chairman of the National Pensions Reserve Fund Commission, commented, “Our joint venture with turnaround investor specialist Better Capital means that the NPRF will be able to deploy capital to distressed Irish companies.” This is a significant step in the refocusing of the NPRF towards investment in areas of strategic importance to the Irish economy while allowing us to target attractive total returns.”
Richard Crowder, Chairman of Better Capital PCC Limited, said,. “The joint venture with the National Pensions Reserve Fund of Ireland is an important development in the implementation of the [Better Capital Fund II’s] investment strategy…..It enables Better Capital to partner with a significant sovereign entity to enhance ..access to a market that offers considerable potential for turnaround investment opportunities.”
