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AnaCap bags €2bn Italian NPL portfolios

The European private equity firm used capital from its third debt fund to acquire the two portfolios from GE Capital Real Estate and The Royal Bank of Scotland.

London-based private equity firm AnaCap Financial Partners has acquired two portfolios of Italian non-performing loans (NPLs) with a face value of more than €2 billion.

The portfolios have been acquired using capital from the firm's third debt fund, AnaCap Credit Opportunities III,  from GE Capital Real Estate and The Royal Bank of Scotland.

The portfolios each have a gross book value of about €1 billion and include 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 totalling €2.5 billion, acquired from UniCredit in 2014 and 2015. AnaCap funds have now purchased around €8 billion of Italian NPLs over the past four years.

“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,” commented Justin Sulger, partner at AnaCap.

AnaCap was advised by Orrick. PwC, Clifford Chance and Chiomenti Studio Legale advised the vendors.