AnaCap closes third fund on €850m

JosУЉ Rojo
08 February 2016

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Financial services-focused GP AnaCap has held a тЌ850m final close for its third fund, just shy of the тЌ900m target reportedly set when it launched in 2014.

In July 2014, press reports placed AnaCap Financial Partners III's target at €900m. Speaking to the Financial Times, the GP's founder and co-managing partner Joe Giannamore commented at the time that the fund would come with a stronger focus on the banking sector than its predecessors.

Although shy of its reported target, the fund represents a step up from predecessors AnaCap Financial Partners I and II. The former closed on €300m in April 2006, surpassing the €250m target the fund launched with in September 2005. Meanwhile, the latter raised €575m in May 2009, after a year on the road.

According to unquote" data, AnaCap Financial Partners III is the second private equity vehicle with a focus on financial services to hold a final close so far in February. Last week, Paris- and Brussels-headquartered BlackFin closed its second fund on its €400m hard-cap.

Investors
A source close to AnaCap confirmed the €850m final close for unquote", but declined to provide further details on the fund's LP base.

LPs that have backed AnaCap's previous funds include Goldman Sachs, Allianz, Honeywell, Morgan Stanley Alternative Investment Partners, Adams Street Partners and the State of New Jersey.

Investments
AnaCap has yet to shed any light on the specific strategy to be followed by AnaCap Financial Partners III. While investing via its predecessor fund, the GP deployed an average of €40-150m in return for controlling stakes in financial services businesses. Target segments included mortgage products, small and medium enterprise loans, insurance, factoring, health care receivables, debt collections and consumer credit.

AnaCap had an active end of Q2 2015, both on the buy- and the sell-side. In mid-September, the GP reaped £116.9m via the sale of a 15% stake in listed UK bank Aldermore. This was followed with the acquisition of a €1.2bn non-performing loans portfolio from Italian bank UniCredit later that month.

People
AnaCap Financial Partners – Joe Giannamore (founder, co-managing partner).