AnaCap buys Italian SME loans worth €4bn

The deal is the investor’s first from its fourth Credit Opportunities fund, which held a first close in November.

AnaCap Financial Partners has bought a portfolio of Italian loans with a face value of €4 billion.

The deal marks the first investment from its most recent fund, Credit Opportunities Fund IV, which PDI exclusively revealed had held a first close on €600 million in November last year.

The loans were purchased from an unnamed Italian bank with which AnaCap has a long-term relationship. The firm had previously completed an investment from the same seller in its predecessor fund and has a track record of investing in Italian loans and broader lending to small and medium-sized enterprises across Europe.

The portfolio comprises a granular pool of performing loans made to a mix of SME and corporate borrowers, concentrated in northern Italy.

AnaCap said Italy remains a key focus for its credit strategy and the firm has acquired loans worth more than €13 billion in 15 Italian transactions since 2012.

Konstantin Karchinov, managing director at AnaCap, said: “The successful completion of this investment in one of our core geographies demonstrates our ability to continue to deploy capital at attractive risk-adjusted returns through the cycle, even in markets attracting significant investor interest such as Italy.”