By Luisa Beltran
Promethean Investments is out fundraising for its second pool, three sources said.
U.K.-based Promethean, a special situations investor, is seeking 150 million pounds (about US$240 million) for the pool with a hard cap of 250 million pounds, said one source.
Promethean held a 20 million pound first close last week, the source said, adding that Stonington Capital Advisors is the placement agent for Fund II.
The firm plans to hold a final close by the end of first quarter 2014, the source said. Promethean’s first fund collected 50 million pounds in 2005.
Promethean, which means creative or boldly original (the name also refers to the Greek myth Prometheus, the god who defied Zeus, gave fire to humans and was chained to a rock where an eagle tore his liver out every day.), only invests in U.K. companies.
The PE firm focuses on distressed and non-standard private equity deals. Promethean will invest 5 million pounds to 30 million pounds in equity per deal. Fund I invested in Cambria Automobiles, InterMediactive and January Loan Services.
Officials for Promethean and Stonington declined comment.