Scor, LBO France launch Scor Mid Market Loans fund

The fund seeks to raise €300m and to deliver an annual return of 3-month Euribor + 400 basis points.

A spokesperson for Scor confirmed that the fund will mostly invest in senior debt.

Scor had €14.4bn in assets under management (AUM) as of December 2016, including €2.4bn for third parties. The vehicle is the asset manager's eighth leveraged loans fund. 

LBO France will operate as an investment adviser for the fund. The GP, with €3.4bn in AUM, typically invests in French and Italian companies with an enterprise value of less than €100m.

LBO France is no stranger to the debt space, having historically managed its line of Altercap debt vehicles. While it initially focused on the distressed debt space, LBO France now also offers debt products to lower-mid-cap French businesses and larger European companies.

Investors
Institutional investors will back the fund. Unquote understands that  two French insurance companies have so far committed capital.

Investments
Scor Mid Market Loans focuses on European mid-market loans, and invests primarily in first lien secured loans issued by European companies.

Companies targeted will have an EBITDA of less than €20m.

People
Scor Investment Partners – François de Varenne (CEO).
LBO France – Robert Daussun (president).

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