Private equity manager AnaCap Financial Partners is to spin out its credit business as Veld Capital.
The new entity will be led by the existing management team of AnaCap’s credit business and continue to advise its existing credit funds, as well as raise new vehicles in the future.
AnaCap set up its private debt operation in 2009 in the wake of the global financial crisis and has deployed more than €2 billion into credit-oriented investments. It initially targeted acquiring non-core assets from European financial institutions but has branched out to cover consumer, SME and corporate debt and real estate direct lending.
Justin Sulger, managing partner at Veld Capital, said: “The creation of Veld Capital represents a natural next step for the business and its experienced team after 12 years of careful evolution.
“Veld will maintain a focus on capturing exceptional risk-adjusted returns through an actively engaged approach across a growing range of asset types, where strong cash generation and preservation of capital remains paramount.”
Financial details of the deal were not disclosed.