Direct lender Beechbrook Capital has closed its latest mezzanine fund, amid a buoyant fundraising environment in which a record number of mezzanine funds are seeking to raise capital.

Beechbrook held a final close of €151 million on its latest mezzanine vehicle, Beechbrook Mezzanine II, just above its €150 million hard cap - or upper limit. The fund attracted investment from 14 investors in total, according to a company statement. Mezzanine debt is a form of debt which ranks low in a company's capital structure, between senior debt and subordinated debt.