AnaCap nabs third UniCredit portfolio

The €1.2bn portfolio of SME claims brings AnaCap’s total Italian NPL portfolio to around €6bn.

UK-based private equity firm AnaCap Financial Partners has bought a portfolio of €1.2 billion in credit claims from Italian lender, UniCredit. The portfolio of bankruptcy and other enforcement claims are linked to underlying defaulted secured and unsecured loans to Italian small- and medium-sized enterprises (SMEs). 

AnaCap made the acquisition from its third credit opportunities fund. The portfolio, known as Trevi 3, had a gross book value of €670 million, UniCredit said in a statement. 

The portfolio is the third sold by UniCredit to AnaCap. In October last year, AnaCap purchased a €1.9 billion portfolio of non-performing loans (NPLs). That purchase followed a €700 million sale executed in February 2014. 

The latest purchase brings AnaCap’s portfolio of Italian NPLs to around €6 billion in total. The firm also bought a €550 million portfolio of Italian performing loans. 

“AnaCap is delighted to have completed this acquisition. The strong partnerships we have forged with institutions like UniCredit have cemented our reputation as one of the most trusted counterparties for banks in Europe. With close to €800 billion of NPLs still on the balance sheets of European banks, there is a continuing need for specialist institutions such as ourselves to help ease the pressure on banks and encourage renewed lending across the continent,” said Justin Sulger, a partner at AnaCap.

AnaCap’s legal advisor was NCTM while UniCredit appointed Paul Hastings as legal advisor. 

In September, Austrian bank Erste Group pulled the sale of its €2.7 billion Project Neptune portfolio. AnaCap had been bidding in consortium with Blackstone and HIG Bayside Capital.