Ver Capital launches €300m debt fund

Ver Capital expects to hold a first close on around €100m by the end of the year.

The fund is larger than its predecessor, Ver Capital Credit Partners Italia V, an €80m vehicle that is now fully deployed.

In addition to this new debt fund, the firm is also launching a short-term UCITS (undertakings for the collective investment in transferable securities) vehicle, Ver Capital Short Term Fund, and Ver Capital Partners VIII, a non-UCITS open fund targeting loans and bonds.

Investors
The fund expects to raise capital from several Italian and international institutional LPs, including the European Investment Fund – which will be one of its cornerstone investors with a €50m commitment – as well as funds-of-funds, pension funds, insurance companies and European family offices.

It plans to raise around 60% of its capital from Italian LPs and the remainder from investors based in the rest of Europe, and expects most of the LPs from its previous vehicles to re-up.

Investments
Ver Capital Partners VII will target a total of 50 Italian SMEs generating revenues in the €80-500m bracket. It intends to issue senior loans with a five-to-seven-year lifespan and invest alongside private equity investors as well as debt funds and investment banks in club deals.

The fund will deploy average tickets of €4-6m and invest at least 60% of its capital in Italy, and up to 40% in France and Germany. The fund manager aims to generate a 4.5-5% return for the vehicle's LPs.

People
Ver Capital – Andrea Pescatori (CEO).

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