AnaCap Financial Partners said June 6 that it closed its third Credit Opportunities fund at 595 million euros ($674.6 million). AnaCap Credit Opportunities III LP, which was oversubscribed, will target performing, semi-performing or non-performing credit assets comprising primarily consumer, SME and mortgage debt across Europe. AnaCap’s prior credit opportunities fund closed at 350 million euros ($396.8 million) in 2012. Gibson, Dunn & Crutcher served as legal advisors.
AnaCap Financial Partners (“AnaCap”) is pleased to announce it has reached a final
close on its third Credit Opportunities fund, raising a total of €595 million. AnaCap
Credit Opportunities III, L.P. (“the Fund”) was oversubscribed at its newly increased
hard cap, following extremely strong interest from existing and new investors, and
is approximately 30% larger than its predecessor vehicle.
Combined with the firm’s latest private equity fund, AnaCap Financial Partners III,
L.P., AnaCap has now closed funds totalling nearly €1.5 billion in 2016.
The Fund will target performing, semi-performing or non-performing credit assets
comprising primarily consumer, SME and mortgage debt across Europe, including
loans, leases, securities or other obligations that require granular analysis for
pricing and active asset management. It follows the successful deployment of
AnaCap Credit Opportunities II, L.P., which was also oversubscribed and reached its
hard cap, closing on £350 million in 2012.
AnaCap will continue to pursue its existing credit strategy, which seeks to invest in
non-core assets disposed of by financial institutions still undergoing significant
restructuring and transitioning to an era which will require more dynamic ongoing
balance sheet management and where many legacy products will no longer be
profitable going forward. Over the past 12 months alone, the firm has acquired debt
with a face value of more than €3.6 billion across Europe.
Amber Hilkene, Partner at AnaCap, commented:
“We are pleased to have completed such a successful fundraising for our latest
Credit Opportunities vehicle. We are fortunate to have received extremely strong
support from both existing and new investors, which underlines their belief in our
investment strategy and in our continuing development as Europe’s leading
financial services specialist investor.
“The Fund will benefit from our extensive experience and deep internal expertise
from investing in not only financial assets but also regulated lending and servicing
companies, as well as the enormous network of relationships we have built over the
past decade throughout the European financial services sector.”
The Fund used Gibson, Dunn & Crutcher as legal advisors.