Muzinich & Co, an institutional asset manager specialising in corporate credit, has unveiled a new UK private debt fund for UHNW and institutional investors.
This closed-ended fund, which has just completed its first closing, will have a 10-year investment term and has commitments from six institutional investors, including four major UK pension funds.
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The fund is aimed to target £350m in assets and will lend to UK companies with an EBITDA of between £3m and £20m at the time of investment.
British Business Bank Investments Limited, the commercial arm of the government-owned British Business Bank, has invested £30m in the fund under its investment programme.
The fund will be co-managed by portfolio managers Kirsten Bode and Marc Shirman based in London and Manchester respectively.
The new offering will provide investors access to lending to small and mid-sized companies in the UK including the North West.
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By GlobalDataIn October 2015, Muzinich has opened an office in Manchester to offer growth capital to mid-sized companies located in the UK’s industrial heartland outside London and the South East.
Muzinich managing director Josh Hughes said: "More than 50% of private debt lending opportunities come from outside the South East. The opening of the Manchester office demonstrates our commitment to creating a fund that genuinely targets the whole of the UK."
British Business Bank Investments CEO Peter Wilson said: "We made an early commitment to support the development of the fund and are delighted that Muzinich has achieved such a successful first close.
"Its investment in a team at the heart of the Northern Powerhouse not only fits with our aim of developing new and diverse sources of debt finance for UK small and medium-sized companies but also gives Muzinich an edge in securing attractive lending opportunities beyond the South East."
Muzinich CEO and chairman George Muzinich said: "This is part of a longer term commitment to providing growth financing to middle market companies in Europe. Muzinich has already launched private debt funds in Italy, Spain and France."
