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The fund will focus on investing in smaller firms but can arrange loans up to €100m alongside LPs.
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The fund had received support from the EIF to boost capital availability to SMEs.
The fund offers a mix of bank loans and long-term finance through a partnership with the wider BNP Paribas Group.
The firm’s credit unit is led by former GSO technology specialist Scott Eisenberg.
The vehicle hopes to acquire undervalued performing loans as a result of the coronavirus pandemic.
Tom Sumpster’s departure comes after LGIM’s attempts to expand its infra strategy beyond senior debt hit roadblocks.
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In the latest magazine: The emergence of covid-19; why sponsors are extracting the cash; and much more.
A flight to safety in uncertain times and LPs’ growing confidence in making loans of their own mean senior debt could be one of the most competitive parts of the credit market over the coming years, says John Bakie
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Despite the virus outbreak, banks and debt funds in Germany anticipate strong new business opportunities in 2020.
Senior debt is still fundamental to many investors’ private debt portfolios. But, as competition increases, LPs are increasingly hunting for less populated spaces. Claire Coe Smith reports
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