The Company is an alternative investment fund within the meaning of the Alternative Investment Fund Manager Directive and is a reserved alternative investment fund within the meaning of the RAIF Law.
AnaCap Financial Europe S.A. SICAV-RAIF invests in a diverse range of primarily non-performing debt across Europe. The Company has the capability to price and purchase a wide range of debt, including portfolios of unsecured and secured consumer, SME and mortgage debt, among others. The company was formed on the 28th June 2017 and acquired a portfolio of assets from existing AnaCap Credit Funds on the 21st July 2017. As at the 30 June 2018 the company had Estimated Remaining Collections “ERC” over 84 months of €565m with 43% of ERC in Italy, 27% in Portugal 21% in Spain and the remaining ERC derived from investments in Romania and the UK.
The company benefits from the network, origination, pricing and operational expertise that AnaCap has developed over twelve years in the European financial services Sector.
AnaCap Financial Europe S.A SICAV-RAIF released the interim Financial Results for Q3 2018.
€325,000,000 Senior Secured Floating Rate Notes due 2024
Three-month EURIBOR plus 5% per annum, reset quarterly
Interest Payment dates quarterly on February 1 , May 1,August1, and November 1, commencing on November 1 2017
Trade Date 13 July 2017
Maturity August 1 ,2024
The Company is an alternative investment fund within the meaning of the Alternative Investment Fund Manager Directive and is a reserved alternative investment fund within the meaning of the RAIF Law.
The persons set forth below are the current members of the Board of Directors of the Company:
Chris became a Director of the Company on June 28, 2017.
Chris was previously the Chief Financial Officer of Cabot Credit Management from July 2012 to December 2015. Prior to joining Cabot Credit Management, Mr. Ross-Roberts worked as the group finance director of BPP Holdings PLC (included in the FTSE 250 Index), which was sold to Apollo Global, Inc. in 2009, following which he assisted with the integration of BPP Holdings PLC into Apollo Global, Inc. He has over 22 years of board level experience in business services, including a period as chief executive officer. Chris has strong experience in acquisitions and disposals, including two public- to-private transactions, and for private equity portfolio companies. Chris holds a BSC in Accounting and Finance from Loughborough University.
Edward became a Director of the Company on July 18, 2018. Edward joined AnaCap in 2007 and is Chief Operating Officer for AnaCap’s credit investment strategies. He is responsible for oversight of the operational delivery of portfolio performance, incorporating master servicing, servicer selection and due diligence and ongoing engagement and review of all servicers and advisors. Ed was previously a Managing Director in the Business Services team where he was driving the operational transformation and day to day engagement with portfolio companies within AnaCap’s Private Equity portfolio. This included building Cabot Credit Management into the UK’s leading NPL debt purchasing company, following the merger of Apex Credit Management and Cabot Financial. Prior to joining AnaCap, Ed worked as a management consultant for Oliver Wyman, where he led a broad range of assignments across both the banking and insurance sectors and advised senior management teams in the UK, US, Continental Europe and Scandinavia Ed is a CFA Charterholder and holds a Master’s of Philosophy from the University of Cambridge.
Audrey became a Director of the Company on June 28, 2017. Audrey is a UK qualified Chartered Accountant and Chartered Company Secretary with over 20 years experience in the banking and financial services sector in Bermuda and Luxembourg. She has been acting as an independent director for Luxembourg regulated funds and domiciled companies, linked to private equity funds and funds regulated and listed in other jurisdictions, for 10 years. She has experience in structures investing in real estate, European infrastructure, real estate debt, distressed debt and business turnarounds. Prior to this, Audrey worked at HSBC Security Services Luxembourg S.A., formerly the Bank of Bermuda Luxembourg S.A. Audrey is a member of the UK Institute of Directors and has the IOD Diploma in Company Administration and is a Certified Director with the Institut Luxembourgeois des Administrateurs (ILA). Audrey has a BCom (hons) degree from Birmingham University, England.
Hugo became a Director of the Company on June 28, 2017. Hugo is a qualified lawyer in Dutch Civil and Tax law with over 25 years experience in the corporate services and financial services sector in The Netherlands, Switzerland, United Kingdom and Luxembourg. He has been acting as an independent director for Luxembourg domiciled companies and regulated funds, linked to private equity funds, pension funds and listed companies mainly from North America and Europe, for 12 years. These Luxembourg companies and funds invest in a wide range of assets including real estate in various European jurisdictions, energy production and infrastructure, debt portfolios, including distressed debt and structured finance products, and various commercial businesses. Hugo worked for a corporate services provider in various European jurisdictions with a focus on corporate finance. Hugo is a member of the Institut Luxembourgeois des Administrateurs (ILA) and holds two degrees from Leiden University, The Netherlands.
Duncan became a Director of the Company on June 28, 2017. Duncan is Managing Director of the Administrator, Augentius (Luxembourg) S.A. (see ‘‘—Administrator’’). He has been resident in Luxembourg since 1995 and joined Augentius in 2013. Duncan is an experienced Chartered Accountant with fund services background in Luxembourg, Ireland and the UK. Resident in Luxembourg for over 20 years, he has held a number of senior operational management roles overseeing Fund Administration, Transfer Agency and Custody/Depositary oversight at both niche third-party administrators and large global banks, including HSBC and BNP Paribas, giving an excellent experience across the Luxembourg Fund Industry. Duncan has served as a Director of Luxembourg Funds and Investment Management Companies covering long only, fund of fund, hedge and private equity investment strategies.
Carne Global Fund Managers (Luxembourg) S.A. is a public limited company (soci´et´e anonyme), incorporated and existing under the laws of Luxembourg.
The Company’s AIFM has delegated in full the portfolio management of the Company’s assets to the Portfolio Manager (AnaCap Investment Manager Limited) pursuant to an investment management agreement dated June 28, 2017 between Carne, the Portfolio Manager and the Company (the ‘‘Investment Management Agreement’’).
The Portfolio Manager will receive advice and assistance in the performance of its duties from the Investment Adviser (AnaCap Financial Partners LLP) pursuant to an advisory agreement dated June 1, 2015 between the Portfolio Manager and the Investment Adviser (the ‘‘Advisory Agreement’’).
AnaCap Financial Partners requires unanimous approval from its Investment Recommendation Committee prior to making a recommendation to the Portfolio Manager. The members of the Investment Recommendation Committee are:
CEO-CIO
24 years of experience
Joe founded AnaCap Financial Partners in 2005 as Europe’s first specialist private equity firm focusing on the financial services sector. Since inception, the partnership has grown from €300 million to more than €3 billion of assets under management, and AnaCap is now the leading financial services investor in Europe, owning three insurance businesses and banks in five jurisdictions.
Before founding AnaCap, Joe co-founded auto finance company On:line Finance, which was the first investment grade rated start-up in Europe and the first lender over the internet in Europe. From launch, On:line grew to over a billion dollars in assets within five years, and was one of the ten fastest growing companies in the UK during that period. On:line was subsequently acquired by GMAC UK, the UK finance arm of General Motors, with Joe becoming CEO of GMAC UK. Previously, he was a Vice President at Salomon Brothers.
Partner - Head of Credit
22 years of experience
Justin joined AnaCap shortly after inception in July 2006 as part of the Business Services team, before building out AnaCap’s Risk & Liability Management function and launching AnaCap's Credit investment strategy. He continues to manage AnaCap’s Creditoperation, which has grown to more than €1 billion of assets under management since its launch in 2009.Prior to joining AnaCap, Justin was a Vice President
Prior to joining AnaCap, Justin was a Vice President in Morgan Stanley's Securitised Products Group in London, focusing on debt structuring and principal finance. Justin began his career in Fixed Income at Goldman Sachs in New York before relocating toLondon. He also served as a Managing Director of Lunar Group, a private equity investor in China.
Partner – Head of Risk & Liability
28 years of experience
Chris heads AnaCap’s Risk & Liability Management team and has more than 20 years’ experience in the European structured finance and capital markets.
Prior to joining AnaCap, he was Managing Director and Head of Principal Finance - European Structured Products at Lehman Brothers. He has also held senior positions in Credit Suisse First Boston Europe’s Principal Transactions group and Nomura International’s Principal Finance team. Chris started his career in Commercial Real Estate at Goldman Sachs in New York before transferring to London and working with Mr. Giannamore in its Global Asset Structuring department.
CFO – AnaCap Financial Europe
22 years of board level experience
Chris joined AnaCap Financial Partners LLP on 1st July 2017 and acts as CFO of the AFE business.
Chris was previously the Chief Financial Officer of Cabot Credit Management from July 2012 to December 2015. Prior to joining Cabot Credit Management, Chris worked as the group finance director of BPP Holdings PLC (included in the FTSE 250 Index), which was sold to Apollo Global, Inc. in 2009, following which he assisted with the integration of BPP Holdings PLC into Apollo Global, Inc. He has over 22 years of board level experience in business services, including a period as chief executive officer. Chris has strong experience in acquisitions and disposals, including two public- to-private transactions, and for private equity portfolio companies. Chris holds a BSC in Accounting and Finance from Loughborough University.