The firm’s second fund, Becap 12, currently has two investments – fashion house Jaeger and double glazing firm Everest – but it wants to change the rules so it can make more investments abroad.
“The rules were unduly restrictive,” Moulton told City A.M. yesterday.
“It’s designed to give us increased ability to invest in multinational deals.”
The change, which is set to be out to investors at a meeting on 28 February, comes as the firm eyes potential opportunities in Ireland, following the state’s decision to lengthen paying back its Anglo-Irish banking bail out.
Better announced a tie-up with the National Pensions Reserve Fund of Ireland to invest in distressed businesses last month.
Moulton said Ireland was going to be a “relatively good opportunity” following moves to lengthen the repayment period.