Incus Capital (“Incus”), the Madrid based private market investment advisory firm, announces the successful close of its European Credit Fund IV (“Fund IV”), reaching its hard cap of €650 million in commitments. The Fund IV close also coincides with the 10th anniversary of the firm.
Similar to its predecessor funds, Fund IV invests in credit opportunities focussing on small and medium-sized enterprises (“SMEs”) in Europe. The pan-European fund targets value-oriented asset-backed investments. The Fund IV investment program has been active since July 2022 and has already invested and drawn significant amounts of capital for multiple transactions in the firm´s main sectors of infrastructure, renewables and real estate.
Fund IV received strong support from its existing investor base. Martin Pommier, partner of Incus, said, “We are pleased to have again attracted such a high-quality and diverse group of LPs. We want to thank our investors joining us in this fourth specialty credit fund for their continued trust and support.”
After more than 10 years in business, Incus Capital has established a predominant position in providing financial solutions for real assets in the mid-market sector in Europe. The firm has now grown to more than 35 professionals across the five main offices. Consistent investment returns, a strong code of ethics, and a true partnership approach to investing has given Incus a unique brand and reputation in the market. Incus partner, Estanislao Carvajal said, “There have been a significant number of disruptions to the markets over the past years. Incus has shown that we are a useful partner for our clients throughout this volatility. We believe that our clients appreciate our unique approach to being a reliable and stable long term funding provider.”
In the face of rising rates and a looming recession, equity solutions and traditional bank finance are significantly constrained for a lot of companies today. “We are delighted to have gathered a large pool of investable capital at this difficult moment in the cycle. We’ve seen demand from SMEs for flexible solutions expanding as uncertainty over inflation and economic growth affect the capital and bank markets.” said Incus managing partner Andrew Newton. “We anticipate this market dislocation to last for the medium term and we will remain patient”. Incus is currently focused on selective investment themes, including financing the development of energy transition assets, bridge financing to high quality assets and companies, and low LTV loans against liquid assets.
About Incus Capital
Founded in 2012, Incus Capital is a real assets investment advisory firm with offices in Madrid, Lisbon, Milan and Paris. The firm focuses on providing flexible capital solutions to mid-market companies in Europe. The Incus strategy includes a strong focus on downside protection and asset-backed collateral with target investment sizes between €20 million and €50 million. Incus Capital acts as the investment advisor to Incus funds that have raised over €2.5 billion in assets under management (“AUM”). The funds have successfully closed more than 100 equity and credit transactions across the firm´s core markets of Spain, Portugal, Italy, France and Benelux.
The Incus funds investor base includes Public & Private Pension Plans, Insurance Companies, Sovereign Wealth Funds, Endowments, Foundations, Family Offices and Fund of Funds in the US, Canada, and Europe.
Link to the press release: Incus Capital – European Credit Fund IV – Final Close