Better Capital, led by industry figurehead Jon Moulton, has launched its second fund, Better Capital Fund II, targeted at £200m.
The UK turnaround investor has already raised £158m under firm placing, with up to a further £42m being made available to existing shareholders.
Moulton has already subscribed for £30m of shares in the new fund, while Phones4u founder John Caudwell has invested a further £50m. Couldwell’s brother Brian has also committed a further £10m, giving the siblings a 28.8 per cent holding in the fund.
The latest fundraising effort comes as the business undergoes a restructuring to turn it into a “protected cell company”. The firm’s existing assets, liabilities and listing will remain with its primary fund, while the latest fund is given a new listing and separately traded shares.
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