Anima Alternative 1 holds €117m first close

Alessia Argentieri
12 January 2021

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Anima Alternative has held a €117m first close for its direct lending vehicle, Anima Alternative 1.

The fund was launched in September 2020 with a target of €150m and a hard-cap of €200m.

It represents the starting point of a large and diversified platform of alternative funds that Anima plans to build in the coming years. "Our platform will include private debt as well as other alternative asset classes and will be able to offer attractive investment opportunities to our LPs," said Anima Alternative CEO Philippe Minard.

Anima Alternative was established in February 2020 to focus on investments across the Italian private markets. The firm is part of Anima Group, an Italian asset manger with €186bn in assets under management. The group offers a range of funds, investment platforms and wealth management services to institutional investors.

Investors
Anima Alternative 1 has received commitments from several institutional investors, including its cornerstone investor Fondo Italiano di Investimento (FII), via its fund-of-funds FoF Private Debt Italia.

The European Investment Fund (EIF) also approved a commitment as cornerstone investor, which will be finalised in the next closing.

In the coming months, Anima expects to further expand its LP base, which is primarily composed of Italian institutional investors, including pension funds, insurance companies and bank foundations.

Investments
Anima Alternative 1 will mainly provide debt facilities, including senior debt, unitranche, second lien and mezzanine. It will also deploy around 20% of its capital in equity investments for the acquisition of minority stakes.

The fund will target profitable companies with revenues of up to €500m and staff of up to 3,000 employees. It will invest in a wide range of sectors, excluding financials and real estate, with a special focus on ESG strategies, and will provide tickets of around €10-15m.

Minard said: "Following this first close, we plan to start investing very soon and have already selected some possible targets. In the difficult scenario triggered by the coronavirus outbreak, numerous Italian companies are looking for a reliable, long-term financial partner able to provide flexible and diversified solutions."

People
Anima Alternative – Philippe Minard (CEO); Alessandro Melzi d'Eril (president); Andrea Mandraccio (director).