Kartesia closes first senior debt fund at €1bn

The fund invests in first lien loans for European small and mid-market companies.

Europe-focused SME lender Kartesia has held a final close for its inaugural senior debt vehicle at €1 billion.

Kartesia Senior Opportunities I was launched in 2019 and raised capital from investors including pension funds, insurance companies, family offices and high-net-worth individuals.

The fund has an eight-year lifespan and a three-year investment period and has already made 16 commitments. Transactions include UK-based Envisage Dental; software company Kallidus; and supporting Invenio and BGF’s acquisition of LSI.

KSO I targets companies across Europe with strong credit profiles. It looks for firms with an enterprise value of between €30 million and €250 million and EBITDA of greater than €3 million and is industry agnostic. The vehicle is targeting a net IRR of 7 percent.

Jamie Prieto, founding partner of Kartesia, said: “The swift deployment of capital from the fund throughout 2020 is evidence of the strong capabilities of the team we have built in our key markets and shows that alternative lenders like Kartesia have an important role to play in the financing of the European economy, particularly in the wake of the devastating impact of the coronavirus.”