Spanish lender Resilience Partners is approaching a first close of roughly €50 million on its debut fund with the European Investment Fund as an investor, PDI can reveal.
The firm is targeting €100 million with a €150 million hard-cap for its debut direct lending fund which focuses on providing long-term senior secured loans to small and medium-sized enterprises (SMEs) in Spain.
The European Investment Fund has come on board as a limited partner in the fund ahead of the first close, PDI understands.
Resilience Partners declined to comment on the fundraising.
Asked about the firm’s strategy, Adriana Oller, co-founder and one of the firm’s three partners, said they will make loans of between €4 million-€15 million to growing businesses with EBITDA between €3 million-€15 million.
Investments will be via senior secured loans of up to seven years and the manager is targeting low to mid-teens returns. The firm has four deals in the pipeline with two in due diligence, said Oller.
Oller, a former 3i executive, set up Resilience Partners with Agustin Pla in 2013. Oller moved to Axis from 3i before setting up the new venture with Pla who had spent 24 years with 3i. They were joined by partner Maria Sabugal who worked in leveraged finance at BNP Paribas and Rabobank.
The partners have deep links with the companies that they will be seeking to lend to, through both their own networks and a database of SMEs in Spain, said Oller.
Resilience Partners has offices in Madrid and Barcelona.
*This article was updated to reflect that Adriana Oller previously worked at Axis, not Apax.