Debut fund races to €300m close

AnaCap Financial Partners, a new pan-European private equity firm focusing on the financial services sector, has raised an oversubscribed €300m vehicle.

London-based AnaCap Financial Partners has raised €300 million ($363 million) for its debut private equity fund, beating its target of €250 million. A statement from the firm said the fund size had been increased “in order to accommodate a portion of the significant level of oversubscribed demand”.

The statement added that the fund was launched in the third quarter of 2005 and “was effectively raised and allocated by the year end”. The fundraising was advised by Remy Kawkabani, managing director in the Private Fund Group at Credit Suisse, who said it had received “an overwhelming positive response”.

Investors in the fund came from Europe, the US and the Middle East and included: Adams Street Partners; Allianz; Goldman Sachs; Honeywell; Kodak; Rothschild; and Westlake Investments Global.

The bulk of AnaCap’s senior management team comprises former employees of UK-based online motor finance business On:line Finance. AnaCap founder Joe Giannamore established On:line Finance in 1996, and as CEO steered the business to an eventual sale to GMAC in 1999. He maintained his role as head of On:line Finance until 2001, and then became CEO of GMAC UK from 2001 to 2003. He has also held senior positions at Goldman Sachs and Salomon Brothers.

Two of AnaCap’s other principals, Steve Barry and Peter Cartwright, were also senior executives at On:line Finance.

Barry joins AnaCap as principal of risk and liability management with responsibility for credit risk and liability management as well as product development for portfolio companies. He joins AnaCap from London Mortgage Company, where he was chief financial officer and head of risk.

Cartwright becomes principal of business services at AnaCap with responsibility for assisting portfolio companies in strategy and operational development. As well as GMAC and On:line Finance, he also worked previously at GE Capital. He will sit on the boards of portfolio companies as a non-executive director and be involved in operational development, platform infrastructure and strategic direction.

The only principal not to have worked at On:line Finance is Finlay McFadyen, who was previously a managing director at London-based buyout firm Terra Firma Capital Partners where he worked on acquisitions, disposals and financings. His role at Anacap will comprise “all facets of transaction management” including due diligence, deal negotiation and sales.

Focused on the financial services industry in Europe, AnaCap will seek investment opportunities “with high growth potential and/or restructuring needs”. Areas of interest include the commercial, consumer, secured asset finance and insurance markets.