Incus Capital awarded the 2018 Speciality Finance Lender of the Year in Europe.

The Spanish asset-based lender enjoyed a spectacular fundraising success in 2018, announcing a first and final close of its European Credit Fund III on €500 million. According to the firm, it was not really a formal fundraising at all in the conventional sense. “We went with what people were willing to support without a formal fundraising so the deal team were not interrupted,” Incus managing partner Andrew Newton told PDI. “There was no road show or pitch.”

Newton says the firm has achieved a “mid-teens” rate of return on its two previous funds, which closed on €130 million and €270 million. The firm – which targets areas such as real estate, infrastructure and leasing – has grown from its Madrid roots into offices in Lisbon, Paris and Milan.

Speaking of the outlook for 2019, Newton says: “There are lending strategies that we have been priced out of – not because we cannot compete – but because we feel that the risk adjusted return does not make sense.”

https://www.privatedebtinvestor.com/print-editions/march-2019-issue/pdi-annual-awards-2018-europe-winners/