Main Capital launches restructuring fund for Covid-19 crisis

Following the coronavirus outbreak in Italy, the GP decided to bring forward the launch of its first restructuring fund, originally scheduled for next year.

The fund will be dedicated to bank credits, with a special focus on unlikely to pay (UTP) exposures. It will be composed of two separate compartments: a credit section and a finance unit. The credit section will include a diversified portfolio of around 100 exposures provided by Italian lenders and servicers to various small- and mid-sized companies, for a total of around €250m.

The finance compartment will comprise €40-50m of capital raised by the fund from several international institutional and private investors – including hedge funds and family offices – which will be used for the relaunch and development of the companies in its portfolio. It will deploy tickets in the €1-10m range.

The fund's management team is led by CEO Vincenzo Macaione and president Massimo De Dominicis, alongside chief investment officer Francesco Carobbi and partner Fulvio Pelargonio.

EY is advising Main Capital on the fund's structuring.

Main Capital is currently fundraising for its first direct lending fund, Main Capital Fund I, which was launched in May 2018 with a €250m target. The GP expects to hold a first close on at least €100m by the end of the year.

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• Topics
• Funds
• Credit/Special Situations
• Debt
• Southern Europe
• Italy
• EY (Ernst & Young)
• coronavirus
• Main Capital