Santander's Tresmares launches in UK with GBP 725m fund

The Tresmares Capital UK fund will provide a suite of products including direct lending, senior and junior debt, and bridges to capital calls or equity syndication.

The fund can also provide preferred equity or co-investment alongside entrepreneurs, management teams and private equity owners but will not target majority buyouts.

It will deploy tickets of GBP 10m-GBP 50m with a capacity of GBP 70m for multi-product transactions including the bridges to capital calls, equity syndication, and preferred equity investments.

The UK operation will be led by Philippe Arbour, who will take on the role of CEO and managing partner. Arbour had been a managing director at ICG's senior debt team since early 2021, joining from Palamon Capital.

ICG is on the road for a EUR 10bn direct lending fund, as reported.

Arbour said in a statement that Tresmares s also focused on developing new financing solutions to match the needs of the 25,000 SME target market and to fill identified financing gaps.

Tresmares Investment Directors José Ignacio Dengra and Miguel Sánchez will also join, with further plans to quickly add more staff.

Its approach is sector agnostic, targeting high-growth businesses with an EBITDA of GBP 2m-GBP 10m.

Santander is the cornerstone investor of Tresmares Capital, which was established in 2020 and manages EUR 2.4bn of commitments in Spain.

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