DCRB commits $30m to new AnaCap fund

London-headquartered AnaCap Financial Partners is in the market with its third credit opportunities fund.

The District of Columbia Retirement Board (DCRB) has committed $30 million to AnaCap Credit Opportunities III.

The $6.6 billion public pension fund manager has set aside up to $30 million for the fund, subject to contract negotiations, board meeting minutes dated 21 May 2015 showed.

The fund is the third in a series of credit funds from the London-headquartered investment firm AnaCap Financial Partners, according to PDI Research and Analytics.

AnaCap declined to make any comment on the fund.

Its predecessor AnaCap Credit Opportunities II raised £350 million (€436 million; $564 million) in May 2012 after six months on the road, surpassing its initial target of £250 million.

Limited partners to Fund II included US pension fund managers New Jersey Division of Investment, Ohio Public Employees Retirement System, Texas County and District Retirement System and fund of funds manager Hamilton Lane.

Fundraising for the second fund dwarfed commitments gathered for its maiden debt fund of £60 million, following its launch in 2010.

According to AnaCap’s website, the firm’s investment focus is in consumer and small- to medium- sized enterprise debt across Europe including performing, semi-performing and non-performing assets comprised of loans, leases, securities or other obligations. The firm also invests in residential and commercial mortgages, unsecured consumer loans, leases, trade and other receivables amongst others.

During 2014, the firm made a number of portfolio acquisitions including a €1.9 billion portfolio of non-performing loans from Italy’s largest banking group, UniCredit in October. A few months earlier, it snapped up €495 million of Romanian non-performing loans along with HIG Capital and Deutsche Bank. It is also the largest investor in UK bank Aldermore along with Goldman Sachs Asset Management, Ohio Public Employees Retirement System and Honeywell Capital Management.

Established in 2005, financial services specialist AnaCap advises €2.3 billion of funds across private equity and credit opportunities as well as co-investments, according to the firm’s website.