Madrid-headquartered Incus Capital has held the first closing on its European Credit Fund IV at €350 million in closed and committed capital. The fund has a €500 million target and €650 million hard-cap.
The manager has not named specific investors but said support came from institutional investors including public and private pension plans, insurance companies, sovereign wealth funds, endowments, foundations, family offices and funds of funds in the US, Canada, the UK and continental Europe.
Fund IV becomes the latest vehicle in Incus’s credit investment programme, which was launched a decade ago. The fund will follow the same investment strategy as the three prior funds in providing asset-backed credit solutions to mid-market companies in southern Europe.
Incus’s first fund closed on €130 million in 2012; Fund II on €270 million in 2017; and Fund III on €500 million in 2018. The firm also closed its Senior Real Estate Credit Fund I on $600 million in 2019.
According to PDI data, investors in the firm’s Fund III included Norwegian pension Oslo Pensjonsforsikring and US pension The Fire and Police Pension Association of Colorado.
Incus said it had fully liquidated its first fund over the last year; realised profits of over €190 million on invested capital across its European speciality credit funds; invested over €320 million across the same funds; and deployed more than €300 million in ESG-related investments in the renewables, social housing and water utility sectors.
As well as Madrid, Incus has offices in Lisbon, Milan and Paris. In total, it has invested more than €1.6 billion in 90 transactions in its core target markets of Spain, Portugal, Italy and France.