Triton Debt Opportunities (TDO) II – committed capital of €744m

We primarily invest in loans and bonds and provide rescue financing

  • Triton's dedicated debt investment vehicle, the Triton Debt Opportunities Fund (TDO), has successfully completed its fundraising of TDO II with commitments of €744 million, significantly surpassing its target size of €550 million. TDO II received strong support from existing investors and has secured considerable commitments from a range of institutional investors from around the world, in particular from European and US pension funds. In addition, Triton has also raised a Separately Managed Account which will serve as an overflow account for the Fund.
  • The Fund invests primarily in non-control debt positions in mid-market companies across the capital structure, with its average investment size typically between €10-40 million with the intention to hold for 18 to 36 months and exit at par, through a refinancing, maturity repayment, disposal, debt renegotiation, asset sale or company sale. Through TDO Triton seeks to invest in and provide rescue financing for businesses where lenders are motivated to sell or where the businesses are facing challenges created by excess leverage or cyclical, operational and other headwinds.
  • Triton has significant experience in investing in debt situations and since 2009 has invested in the debt of more than 100 companies. Whilst the first debt investments were made out of Triton’s Private Equity Fund Triton III, the first stand-alone and debt-focused fund TDO I was raised in 2014 with external commitments of €500 million, surpassing the €350 million target size and reaching the hard cap. TDO I has now been successfully invested and the strategy was continued with the successor fund TDO II.

Investment strategy

TDO invests in loans and bonds and related instruments in the secondary market. In addition, TDO provides rescue financing to companies with a challenging liquidity or refinancing profile.

Target geography:

Western Europe

Investment Size:

  • Typical investment size of €1m to €50m per company
  • TDO is mainly focused on small/mid-market companies with total debt of €25m to €500m
  • TDO also makes investments in larger companies with total debt of €500m+

Instruments:

  • Bank Debt (First Lien, Second Lien, Mezzanine)
  • Bonds
  • Super Senior Debt
  • PIK Notes / Vendor Notes
  • Post Restructuring Equity

Type of Investments :

  • Corporate debt situations (existing lenders looking to exit)
  • Shipping, infrastructure, energy debt
  • Non-core performing loan portfolios
  • Insolvency portfolios
  • Stressed / distressed LBO loans

Our Team

In connection with its private equity strategy of investing in underperforming businesses throughout the Triton Region, Triton and its advisers have over the last five years identified a large number of debt investment opportunities. Taking advantage of these opportunities requires in-depth knowledge of the underlying businesses and sectors that they operate in, of the local and international economies and of the relevant legal environment and financing markets.

Headquartered in London, the Triton credit team consists of ten debt investment advisory professionals with significant experience in sourcing, analysing and executing distressed debt investments both in Western Europe and the rest of the world. Triton further benefits from more than 60 investment advisory professionals, Senior Industry Experts and specialist professionals to which all of Triton has access.