JON Moulton is set to take advantage of Britain’s faltering economic recovery with the launch of his second turnaround fund.
The legendary private equity boss, pictured, plans to raise up to £200m to invest in struggling companies through Better Capital Fund II.
Moulton (pictured) launched the first fund two years ago, after quitting Alchemy, and went on to invest in firms such as boatmaker Fairline and Reader’s Digest.
Yesterday Better Capital chief executive Mark Aldridge told City A.M. the 2012 fund would invest sums of up to £75m to take controlling stakes in British or Irish firms over the next two years.
“We are looking at businesses in financial difficulty which can be turned around. We don’t invest on the basis of assuming further growth.”
Moulton said there will be more chances to invest as banks cut support to distressed firms. The fund has raised £158m, which will be increased by up to £42m. Numis has acted as sponsor, financial adviser, broker and global co-ordinator.