AnaCap Financial Partners, a European financial services private equity firm, completed the acquisition of two portfolios of Italian non-performing loans (NPLs) with a face value of more than €2 billion ($2.2 billion).
The portfolios have been acquired by AnaCap Credit Opportunities III from two Italian securitization special purpose vehicles whose asset-backed securities were majority owned by GE Capital Real Estate and The Royal Bank of Scotland. They comprise two separate portfolios, each having a gross book value of about €1 billion ($1.1 billion) and including secured and unsecured SME loans, with the secured positions held against residential and other commercial property.
The acquisition adds to AnaCap credit funds’ existing holdings in Italy, which include two NPL portfolios totaling €2.5 billion ($2.75 billion), acquired from UniCredit in 2014 and 2015. AnaCap funds have now purchased around €8 billion ($8.8 billion) of Italian NPLs over the past four years, as well as a €550 million ($604 million) performing portfolio of Italian salary guaranteed loans.
“We are delighted to have completed the acquisition of these two portfolios, adding to our extensive track record in the Italian market,” said Justin Sulger, a partner at AnaCap Financial Partners. “Our earlier NPL investments mean that we are very familiar with these types of residual claims and their varied servicing requirements. We are also pleased to continue to work with a growing range of financial institutions undergoing restructuring across Europe, including numerous repeat transactions, as well as a broadening network of trusted local partners.”