Bayside Capital holds first close on €260m for Idea CCR I

Amedeo Goria
07 July 2016

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Bayside Capital and Idea Capital Fund have held a first closing on €260m for Idea Corporate Credit Recovery I Fund (Idea CCR I).

The fund is managed by Idea with Bayside, the credit affiliate of investment firm HIG Capital, acting as anchor investor. The new vehicle has an initial €500m target and launched following the merger of two funds: Credit Fund and New Money Fund.

Currently, Credit Fund has eight companies' loans in its portfolio sourced from several lenders, including UniCredit, BNL BNP Paribas, Banca Popolare di Vicenza, MPS, BPM and Biverbanca. New Money Fund is an €85m lending vehicle with 50% of its capital committed from Bayside, aiming to feed into Credit Fund to support Credit Fund's investments.

Idea CCR I focuses on Italian mid-size enterprises in distressed situations aiming to support their turnaround and restructuring plans. It will be managed by Francesco Gori, former CEO of Pirelli Tyre and managing director of Pirelli; HIG investment manager Vincenzo Manganelli; HIG Italy managing director Raffaele Legnani; and HIG Bayside managing director Giuseppe Mirante.