LBO France launches first credit fund

Tweet
Facebook
LinkedIn
Google plus
Send to

Fund

LBO France has launched its first credit fund Altercap 1 with a target of EUR150m. The new fund follows the launch of LBO France's third small-cap fund Hexagone III, which has a target of EUR180m, and the closing of its White Knight VIII buyout fund just shy of EUR1bn.

Investors

CDC Entreprises, CNP and AGF are said to be among the institutional investors investing. Family offices and private individuals have also committed to the fund.

Investments

The fund will seek to purchase senior debt in solid mid-market French companies with an enterprise value of between EUR150-200m at a discount rate of 40-50%. The fund seeks long-term investments which offer LPs annual returns from interest rates on top of the returns generated when the debt reaches maturity.

Altercap 1 will however not be used to purchase the debt from LBO France's own portfolio companies. LBO France has created an entirely new team of specialised individuals to seek investment opportunities in the discounted debt market and put the fund to work.

People

The Altercap fund relies on a dedicated team based in London and Paris

Name: Altercap I

Target: EUR150m

Focus: Distressed debt, Europe

Contact: Elizabeth O'Reilly

Address: 148 rue de l'Universite, 75007 Paris

Tel: +00 33 1 40 62 76 06.