There was just one news in private debt marketin the week end yesterday in Italy but it was huge. Italy’s insurance group Generali actually launched Generali Global Infrastructure (GGI), a platform for providing senior and mezzanine debt for infrastructure investments (see here a previous post by BeBeez). GGI is a strategic partnership in which Generali holds a controlling stake, while the remaining shares belong to managing partners Philippe Benaroya (ceo), Alban de La Selle (cio) andGilles Lengaigne, three seasoned infrastructure investment professionals. For its first five years of activity, GGI aims to manage assets amounting to 2.5 billion euros and then 5 billion in ten years from now.
As for the Npl market, instead it is worth to recall that the Economy Commission of the European Parliament met Danièle Nouy, Chair of the Supervisory Board at the European Central Bank (see here a previous post by BeBeez). Nouy discussed the consequences on credit issuance of the ECB Addendum rule that would require banks to write off unsecured and secured npls after respectively two or seven years. Sharon Donnery, the head of the ECB task force for npls, said that the addendum would not have a strong impact on credit. Therefore, the ECB did not release analyses based on hypothetical macroeconomic scenarios which attracted some criticism for the market.
As for the italian Npl market, some days ago Fondaco Italian Loans Portfolio Fund, a firm investing in performing and non performing loans, closed its first fundraising round of 140 million of euros (see here a previous post by BeBeez). The fund aims to raise up to 150 million by the end of March and then start the second fundraising round with a 400 million target. Fondaco set a 10% net yield target for a 6 years tenure and a quarterly coupon. Minneapolis’ distressed debt investor CarVal Investors is partnering with Fondaco and will coinvest in all its transactions. Davide Tinelli, chief executive officer of Fondaco explained that his firm will carry on investments only if CarVal agrees to include them in its global portfolio.
