AnaCap hits target with credit fund

UK-based financial services specialist AnaCap Financial Partners has met its target for its second credit opportunities fund, raising €318m in five months as investors eye opportunities to invest in European loans.

AnaCap Financial Partners, better known as a private equity group targeting European businesses in the financial services sector, has held a first close for its second credit fund with £265 million (€318 million ; $412 million) garnered to date.

The fundraising for AnaCap Credit Opportunities Fund II began five months ago. Boutique placement agent Rede Partners and law firm Simmons & Simmons advised on the fundraising.

Investors who have committed to the fund include the State of New Jersey, Hamilton Lane and OPERS, according to the firm.

The fund has a hard cap of £350 million, which the firm hopes to meet by the end of the first half at the latest according to partner Justin Sulger. It has a three year investment period and an eight year life, it said.

It will be used to invest in performing, semi-performing or non-performing consumer and SME debt, including loans, leases, securities and other obligations requiring “active asset management”, AnaCap said in a statement.

Sulger, who is head of the credit opportunities arm of AnaCap, said in an interview with Private Equity International: “Practically speaking, the only difference with our first credit opportunities fund is that, similar to our private equity arm, we will look to broaden our scope geographically to focus on opportunities across Europe. The UK is a good starting point, but we’re seeing many more opportunities emerging in continental Europe.
“The speed with which we reached our target was eye-catching, but we’ve done a lot to build relationships with investors over time. There was strong appetite, particularly from investors who don’t have much exposure to European credit,” he added.
“At AnaCap we can now buy businesses or assets, so we can have a wider dialogue with sellers. There’s an enormous volume of loans debt being put up for sale, varying in quality and across a wide variety of asset types.”
a wide variety of sectors.”