Ver Capital holds first closing on €50m for debt fund

With a €150m target and €200m hard-cap, the vehicle expects to reach a second closing in November 2016. The fund has a nine-year lifespan and the GP intends to complete the fund's portfolio within the first three years.

Investors
According to a source familiar with the matter, the fund raised capital from several institutional investors, including Italy's state-backed fund-of-funds Fondo Italiano d'Investimento.

Investments
Like its predecessors, the vehicle targets a total of 30 Italian SMEs posting revenues in the €80-500m bracket and intends to issue senior lending with a five-to-seven-year lifespan. According to a statement, the GP will dedicate 80% of the dry powder to the primary market, while the remaining 20% will be invested in the secondary market.

The GP also intends to invest alongside private equity investors as well as investment banks in club deals. The fund manager aims to generate a 5% return for the fund's LPs.

People
Ver Capital – Andrea Pescatori (CEO); Francesco Franchini (partner); Paolo Mariani (partner).

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• Topics
• Funds
• Southern Europe
• Debt
• Italy