AnaCap closes Credit Ops IV at €1bn hard cap

The fourth fund was oversubscribed and will target a wide range of performing and non-performing credit.

AnaCap has held a final close of its fourth credit opportunities fund at €1 billion, beating its €750 million target.

The firm said AnaCap Credit Opportunities IV was oversubscribed and attracted interest from existing and new investors. Investors come from Europe, North America and the Middle East and include pension funds, endowments, foundations and family offices.

The fourth fund is 70 percent larger than its predecessor, which closed on €595 million in June 2016 and reached its hard-cap. AnaCap said the fundraising brings its lifetime credit fundraising to €2.6 billion since it launched the credit opportunities strategy in 2009.

Credit Opportunities IV will invest in primarily seasoned performing and non-performing debt including secured consumer loans, SME loans and corporate debt. Asset types cover a wide range including loans, leases, securities, structured credit and real estate.

AnaCap said it aims to invest where it can leverage its specialist credentials, contact network, proprietary data and servicing capabilities to unlock value in non-core assets or areas where funding channels are constrained.

The fund will typically make investments of between €15 million and €75 million with co-investments producing increased scale for larger transactions where opportunities arise.

Justin Sulger, head of credit at AnaCap, said: “We have continued to build our platform and team to address an expanding range of opportunities alongside our highly complementary financial services specialised private equity funds.

“This is underpinned by our proprietary digital intelligence platform which enables informed underwriting and an active approach to asset management. The oversubscription from both existing and new investors underlines the success of our credit funds over the past 10 years.”

AnaCap said it will use its Minerva proprietary digital platform to support its investment approach. The technology provides the fund manager with real-time access to portfolio data to enable dynamic monitoring and analysis and active engagement between the servicer and portfolio companies.