Antares launches €300m UTP fund for fashion sector

Alessia Argentieri
06 July 2020

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Antares has launched a restructuring fund with a €300m target to support the recovery of Italian companies operating in the fashion industry hit by the coronavirus emergency.

The fund, named Fondo Lusso & Lifestyle, will be dedicated to bank credits, with a special focus on unlikely-to-pay (UTP) exposures. The vehicle has a six-year lifespan.

The fund will be composed of two separate compartments: a credit section and a finance unit. The credit section will include a diversified portfolio of UTP exposures provided by Italian lenders and servicers to various small- and medium-sized companies, for a total of around €250m.

The finance compartment will comprise €50m in capital, primarily raised by the fund from private investors and family offices; this capital will be used for the relaunch and development of companies in its portfolio.

The fund is managed by a team led by partners Guido Vesin, Giovanni Mannucci and Gaetano Sallorenzo, alongside legal firm CBA's managing partner, Angelo Bonissoni.

Mannucci said: "With our strategy we intend to help companies active in the fashion industry accelerate their digital transformation, improve their distribution networks, and further invest in technology and innovation. In addition, we plan to pursue an intensive buy-and-build strategy, with the aim of creating solid platforms in the fashion industry, able to conquer larger market shares and withstand and fight off competition."