Investcorp, a global provider and manager of alternative investment products, has announced the fully subscribed final closing of approximately 340 million euros ($375 million) in commitments for its second vintage Italian Distressed Loan Fund II (Italian NPL Fund II), which is exclusively advised by Eidos Partners, a Milan-based advisory firm and credit specialist. To date, more than 460 million euros in assets have been allocated toward Investcorp and Eidos Partners’ Italian nonperforming loans (NPLs) strategy.
Italian NPL Fund II invests in non‐performing loans secured by residential and commercial real estate in Italy. 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.
Timothy Mattar, global head of distribution at Investcorp, 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.”
Elena Ranguelova, portfolio strategist, 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 fulfill 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.”