AnaCap carves out credit division

Veld will be led by AnaCap's existing credit team and will leverage AnaCap's existing funds, while also seeking to raise additional funds. 

AnaCap partner Justin Sulger will act as managing partner of Veld Capital. AnaCap will continue to be headed by Joe Giannamore, its founder, CEO, and CIO.

DC Advisory advised on the deal.

AnaCap closed its latest credit fund, AnaCap Credit Opportunities IV, above target in September 2018 on EUR 1bn, making the vehicle 70% larger than its predecessor. 

That vehicle aimed to make investments of EUR 15m-EUR 75m, targeting European credit assets focusing on small and medium enterprises. 

The firm said that a US-based investment manager, with minimal overlap in geography or investment strategy, will own a minority stake in Veld, as reported by Unquote's sister publication Debtwire.

The private equity division will remain at the core of the franchise, AnaCap said in a statement.

The GP's credit funds typically invest in primarily seasoned performing and non-performing debt in a mix of predominantly secured consumer, SME, and corporate debt.

The solutions comprise loans, leases, receivables, securities, and structured credit as well as real estate.

AnaCap's adjusted EBITDA grew 122.5% in H122, as reported by Debtwire. 

The firm has deployed more than EUR 2bn into credit opportunities since 2009, through consumer, SME, corporate debt, and direct real estate, AnaCap said in the same statement.  

 

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