Incus Capital reaches €138m second close – exclusive

The Iberian lender has gathered almost half its €300m target for its second credit fund.

Incus Capital, the Madrid-based lender, has reached a second close of €138 million on its second debt fund, which has a target of $300 million, PDI has learnt. 

Committed investors to Incus Capital Iberia Credit Fund II, which is scheduled to reach a final close in the second quarter of this year, include public and private pension funds, family offices, wealth managers and foundations from North America, Europe and Australia, the firm disclosed in a note to investors and seen by PDI.

The document also revealed that Incus has invested more than €40 million into five transactions since Fund II reached first close in July 2015. In December, Incus purchased a €35 million portfolio of Spanish equipment leasing assets from GE Capital.

The firm’s first fund has a projected gross IRR of 17.9 percent with an invested capital cash multiple of 1.6x, according to the memo.

Incus’s leasing business is one of five core lending strategies pursued by the firm, which was established in 2012. The other four platforms are non-performing loans, special situations, real estate debt and receivables financing.

The manager, which also has offices in Lisbon, focuses on providing credit to small to medium-sized businesses in Spain and Portugal. It makes loans of between $5 million and €30 million and had over €450 million in assets under management on 1 January.