AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in Financials, Technology and related Business Services, today announces the completion of the carve-out of its Credit business. Financial details for the transaction were not disclosed.
This development will see the leadership of the Credit business form a new investment advisory business, Veld Capital (“Veld”). Veld will advise the existing Credit funds and raise additional funds, led by the same dedicated team, utilising its well-established investment approach and deep networks across Europe.
AnaCap’s Credit business, initiated in 2009 in the wake of the global financial crisis, deployed more than €2bn into credit-oriented opportunities, initially targeting non-core assets from financial institutions across Europe. Over the next 12 years, the Credit business has delivered consistently strong returns to its investor base through an evolving range of consumer, SME and corporate debt as well as direct real estate – focusing on providing solutions in the mid-market by combining localised origination, underwriting and asset management expertise.
AnaCap’s European Private Equity business will remain at the core of the franchise having begun investing in 2006. Over the past five years alone it has made 46 investments into 13 platforms and completed 33 bolt-on acquisitions across the European Financial, Technology and related Business Services sector. It is anticipated that investment opportunities across these sectors over the coming years will materially increase as innovative growth businesses continue to take market share from traditional providers and dynamic technology companies deliver critical solutions to legacy operating models in need of innovation.
Joe Giannamore, CEO and CIO at AnaCap, commented: “AnaCap’s strong track record as a consistent top quartile credit investor prompted multiple approaches from both peers and other asset managers globally. Under independent ownership and a seasoned team operationally, the business remains well positioned to capitalise on the expanding range of opportunities across Europe.”
Justin Sulger, Managing Partner at Veld Capital, added: “The creation of Veld Capital represents a natural next step for the business and its experienced team after 12 years of careful evolution. Veld will maintain a focus on capturing exceptional risk-adjusted returns through an actively engaged approach across a growing range of asset types, where strong cash generation and preservation of capital remains paramount.”
DC Advisory acted as the financial advisor to AnaCap with respect to this transaction.