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OakNorth Bank completes its first subscription facility to Bluegem Capital Partners, a private equity firm focused on European consumer-facing businesses
OakNorth Bank – the UK bank powered by OakNorth – has completed a subscription facility to Bluegem Capital Partners. Key investors include Glendower Capital, Strategic Partners (Blackstone’s Secondaries Division), BMO Global Asset Management (BMO) and Bluegem GP.
Founded in 2007 by Marco Capello and Emilio Di Spiezio Sardo, Bluegem Capital Partners LLP is a private equity firm based in London, which predominantly invests in European consumer brands businesses, such as Liberty London, Mamas&Papas, Iconic London, Medavita and more. The company presently has AUM to the tune of £420m+ across its three funds (Fund I, Fund II and Secondary LP).
Commenting on the deal, Emilio Di Spiezio Sardo, Co-founder of Bluegem Capital Partners, said: “This deal showcases the breadth of Mohith and the OakNorth Bank team’s understanding of the Funds Finance space, ability to provide a bespoke facility and the bank’s overall speed – a truly unparalleled experience to see a lender turnaround a deal in just a few weeks, even in these unprecedented times.”
Mohith Sondhi, Senior Director, Debt Finance at OakNorth Bank, said: “Bluegem are a fund with considerable experience who have an excellent track record. It was a delight working with them, Glendower and Marlborough Partners. With this facility we were able to demonstrate how our bespoke funding solutions apply to funds just as much as SMEs. At a time when most lenders are receding from the market, we’ve continued to support businesses and have approved over £650m in new loans since the beginning of lockdown. I look forward to strengthening our relationship with Bluegem Capital Partners, as well as supporting their future endeavours.”
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