Incus Capital, a Spanish private capital firm with a focus on special credit, announced the final closing of the fundraising for its European Credit Fund III at 500 million euros, almost doubling the 270 million euros raised for its second fund in 2016, and the opening of the new office in Italy, in Milan. Italian activities will be led by the managing director, Corrado Giovanelli, with a long and strong experience in the fixed income markets and former ex head of global market sales of Credit Suisse in Italy (see here the press release).
Thanks to this raising, Incus has now reached a total of one billion euros of assets under management. “We are delighted to have raised Fund III in such a short period of time”, said partner Martin Pommier, adding that “We found ourselves needing to raise Fund III much sooner than anticipated since Fund II is fully committed well ahead of the end of its investment period. Given the strong re-up rate from existing investors and the addition of high-quality new investors, we were able to hold just one main close to reach our 500 million euros target. This is in large part due to our consistent track record, but also the fact that many investors are more comfortable with the asset class and want exposure to our specialty credit strategy”.
Incus provides actually specialty credit solutions for mid-market companies in Europe. The firm had invested a total of 800 million euros since it started its activity in 2012. The majority of its deals have been in Spain, but the firm is rapidly expanding its business in other countries. In Summer 2017 Incus Capital opened shop in Paris and last May announced its first deal in France, financing for 50 million euros a major real estate developer and asset manager. As for Italy, Incus has been arranger and funder of a 55 million euros bond by Autostrada Pedemontana Veneta.