--- title: "All Seas II USD: euro entry terms and hybrid capital | Altss Blog" description: "All Seas II USD’s October amendment reports $100m sold with a euro-denominated minimum. Its company-financing strategy and earlier fund scale add separate…" canonical: "https://altss.com/blog/all-seas-capital-ii-usd-structured-capital" --- [Altss Research](https://www.linkedin.com/company/altss) 4 min read Updated Oct 22, 2026 Share # All Seas II USD: euro entry terms and hybrid capital All Seas II USD’s October amendment reports $100m sold with a euro-denominated minimum. Its company-financing strategy and earlier fund scale add separate context. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=All%20Seas%20II%20USD%3A%20euro%20entry%20terms%20and%20hybrid%20capital) Copy link All Seas Capital II USD SCSp reported $100 million sold to one investor in an amendment filed on October 1, 2026. Its minimum-investment field carries a different currency instruction: the stated 10 million is euro-denominated, with discretion to accept less. The USD suffix therefore cannot supply the currency for every number in this offering’s public record. The manager’s financing proposition adds a second useful distinction. All Seas describes investments of €30 million–€100 million in European companies, using a combination of debt and equity that enables business owners to retain control. Those company investments and the offering’s outside-investor entry amount describe capital moving at different levels of the structure. ## A dollar sale amount and a euro entry clarification The [current SEC submission](https://www.sec.gov/Archives/edgar/data/2086165/000094562126001195/0000945621-26-001195.txt), accession 0000945621-26-001195, reports an indefinite offering amount, $100 million sold and one investor. Its clarification expressly attaches euro denomination to Item 11, the minimum-investment field. It does not re-denominate every sales field or provide an exchange rate for converting the minimum into dollars. The [filing index](https://www.sec.gov/Archives/edgar/data/2086165/000094562126001195/0000945621-26-001195-index.htm) records October 1, 2026 as the filing date and September 30 at 18:30:03 as acceptance. That boundary matters when placing it in a quarterly disclosure review: it was accepted at the end of Q3 and filed in Q4. This is also a continuing offering. The amendment explicitly identifies the October 8, 2025 original notice as its predecessor. That earlier record reported zero sold, zero investors and a first sale yet to occur. The amendment now gives December 23, 2025 as the first-sale date. The $100 million is the later reported amount sold, without a transaction schedule establishing Q3 cash receipts. Form D’s [instructions](https://www.sec.gov/files/formd.pdf) include future mandatory capital commitments in the sales measure. The [Altss amendment comparisons](https://altss.com/blog/q3-2026-fund-amendments-reported-sales-comparisons) explain the related distinction between a disclosure interval and subscription timing. ## The investment route is hybrid capital for company owners The issuer is a Luxembourg special limited partnership organized in 2025. The notice names All Seas Capital II General Partner SCSp as its general partner, ONE Fund Management S.A. as its AIFM and All Seas Capital Partners Ltd as its investment adviser. These are separately identified functions, rather than interchangeable names for the vehicle’s reported capital. All Seas’s [current strategy page](https://www.allseascapital.com/our-strategy) supplies the commercial context. It describes growing European mid-market businesses with typical EBITDA of €5 million–€50 million and All Seas investments of €30 million–€100 million. Its approach combines debt and equity, supports owners retaining control and includes board participation and help with acquisitions. That is a more specific proposition than a general European lending label: capital and governance support for an owner seeking growth while retaining control. The page describes the manager’s strategy, however, rather than a Fund II term sheet. It supplies neither the debt/equity split nor contractual seniority, coupon or return entitlements for this particular vehicle. The company-investment range is also distinct from the amount an LP subscribes to the fund. ## Earlier fund scale remains separately defined The manager’s [maiden-fund announcement](https://www.allseascapital.com/news/all-seas-capital-closes-maiden-fund), dated February 1, 2023 on its website, reports $400 million of commitments to All Seas Capital I SCSp including co-investments. Its [current homepage](https://www.allseascapital.com/) separately displays €575 million of AUM as of Q4 2025. Neither figure is a disclosed Fund II target or final close. One concerns an earlier fund with co-investments included; the other is a dated manager-level asset measure in euros. Combining them with the USD vehicle’s sales amount would lose both the currency and investment perimeter. For an allocator, the useful result is a defined offering record beside an identifiable company-financing strategy. The disclosed amounts distinguish LP entry, reported vehicle sales, company investment sizes and prior fund or firm scale. The undated strategy pages were observed on October 22; their current wording does not establish Fund II’s historical terms or present allocation availability. ## Current Altss product information Product reference revised: 2026-10-22. Altss provides private-markets intelligence for investment, fundraising and institutional business development. Research organizations, people, funds and companies with ownership, commitment, transaction and relationship context. Intelligence provides research; Capital adds Fundraising OS workflows. Revenue and Agents accept scoped, manually reviewed requests. Altss software licenses are annual. Separately contracted research, tasks, services and publishing engagements have their own terms when available. Current prices and eligibility are published on [Pricing](https://altss.com/pricing). Altss does not offer a free trial. 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