Pillarstone Italy launches €600m turnaround fund

Alessia Argentieri
05 June 2020

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Pillarstone Italy has launched a €600m vehicle dedicated to bank credits with a special focus on unlikely-to-pay (UTP) exposures.

The fund, named Responsible & Sustainable Corporate Turnaround Fund (RSCT Fund), intends to support the recovery of Italian companies hit by the coronavirus crisis.

Lenders Intesa Sanpaolo, Banca IMI, UniCredit, BPER Banca, Crédit Agricole Italia and Crédit Agricole FriulAdria have already transferred, via Davy Asset Management, to the fund a portfolio of exposures of 14 Italian companies operating in the retail, consumer, manufacturing, IT services, infrastructure, logistics and leisure sectors.

RSCT Fund is the second turnaround fund managed by Pillarstone Italy, following the launch of Finav, a €500m fund dedicated to businesses operating in the Italian shipping industry.

"We are very happy to be able to offer our support for the relaunch of the Italian economy at this difficult time," said Gaudenzio Bonaldo Gregori, CEO of Pillarstone Italy.

Pillarstone Italy and Davy Asset Management were advised by law firms RCCD, FiveLex, Bird & Bird and Maisto e Associati, while the lenders involved in the operation were advised by White & Case and Linklaters. Banca IFIS is the liquidity line provider and BNP Paribas is the depositary bank of the fund.