Trea AM raises €120m for second direct lending fund

The fund expects to hit its target in the first quarter of 2020 and has already made six investments so far. These include jewellery retailer Rabat and wine producer Gleva Cellars, which was subsequently acquired by Carlyle-backed cava maker Codorníu Raventós.

The vehicle follows the same strategy as its predecessor, Trea Direct Lending I, which was launched in 2016 and raised €70m. It targets Spanish mid-market companies with high-growth potential and ambitious expansion plans, operating in a wide variety of sectors.

Trea Direct Lending II has an LP base mainly composed of European and local institutional investors, primarily insurance companies and pension funds, as well as family offices. In addition, Fond-ICO Global, the fund-of-funds controlled by state-owned Instituto de Crédito Oficial, committed €20m to the vehicle.

Trea Direct Lending II is managed by a team led by CEO Antonio Muñoz-Suñe and executive chair Carlos Tusquets.

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