MANAMA: Investcorp, a Bahrain-based alternative investment manager, has closed its second vintage Italian distressed loan fund II (Italian NPL Fund II), after it was fully subscribed with approximately 340 million euros ($373m) in commitments.
Investcorp was exclusively advised by Eidos Partners, a leading Milan-based advisory firm and credit specialist.
To date, more than 460m euros in assets have been allocated towards Investcorp and Eidos Partners’ Italian non-performing loans (NPLs) strategy.
Italian NPL Fund II invests in non-performing loans secured by residential and commercial real estate in Italy.
Investcorp’s global head of distribution Timothy Mattar said, “Several years ago we identified that many banks across Italy would need to reduce their credit exposure and strengthen their balance sheets, creating opportunities for investors with strong underwriting expertise. We know the Italian NPL market well and we have further strengthened our capabilities through partnerships with dedicated local expertise in the Italian credit market.”
The fund represents Investcorp’s ninth special opportunity portfolio (SOP).
In 2011, Investcorp launched its first SOP with the aim of taking advantage of opportunities arising from market dislocations and structural shifts.
The firm’s portfolio strategist Elena Ranguelova said, “There are compelling opportunities to acquire attractive loans at significant discounts in the Italian NPL market. We believe that our latest NPL fund will help fulfil an important market need and we are committed to leveraging our expertise and resources to create value and help Italian consumers and businesses during this time.
“We appreciate the support from our existing limited partners and new investors, and we look forward to continuing to build upon our partnership with Eidos.”
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