Banc of America close E590m European Fund

Banc of America Equity Partners [BAEPE] today announced that they had closed their second European private equity fund at E590m. All the funds raised came from BAEPE's parent, Bank of America Corporation. E300m of the new fund has already been drawn down.

BAEPE now has E790m under management having raised E200m in 1996. The main focus for the firm remains in growth and expansion capital, leveraged buy-outs and recapitalisations covering both Western and Central Europe.

Terry Perucca, President of Principal Investing at Bank of America, sees the fund as an expansion of the bank's committment to Europe.

Perucca commented: 'Underlying trends in the European economies continue to generate attractive opportunities to increase our exposure in a geographic area of increasing importance to our overall startegy.'