Debt fund Muzinich & Co holds first close

The fund, which began pre-marketing in summer 2015, is targeting £350m without the use of a placement agent. 

Muzinich, founded in New York in 1988, first entered the European market in 1999 with the opening of its London office. It has since opened offices in Cologne, Paris, Zurich, Milan and Madrid.

In October last year the private credit business opened an office in Manchester as a means of targeting investments outside of London and the south-east of England. According to Muzinich, more than 50% of private debt lending opportunities come from outside the south-east.

Investors
The fund received £30m from the British Business Bank. So far it has collected commitments from six institutional investors, including four UK pension funds, one of which is the Greater Manchester Pension Fund.

Investments
The fund will seek to lend to UK companies with EBITDA of between £3-20m. It will look to invest in sponsored transactions, leverage buyouts, development capital deals and recapitilisations.

People
Muzinich & Co – Kirsten Bode, Marc Shirman (co-heads); Josh Hughes (managing director); George Muzinich (CEO, chair).
British Business Bank – Peter Wilson (CEO).
Greater Manchester Pension Fund – Kieran Quinn (chair).

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