Dea Capital Alternative Funds sgr opens a new sector in its Idea Corporate Credit Recovery II fund, the second fund dedicated to corporate restructuring and re-launches. The new sector, named CCR Shipping, is dedicated to shipping loans and has already collected a portfolio of about 200 million dollars from the banking system towards eight shipping companies. Three of the banks already partners of the fund (Banco Bpm, Banca Ifis and UBI Banca) have already joined the initiative, but the initiative is also expected to be extended to other institutions (seethe press release here).
Vincenzo Manganelli, managing director of IDeA Corporate Credit Recovery I and II funds, at the end of last November, during his speech at the BeBeez Caffé on Impaired loans and UTPs, which solutions to propose to banks to restart distressed companies (see here the video of the BeBeez Caffé), had anticipated this choice, stating that the management company was thinking about the possibility of making the new funds active also in terms of short-term finance and with a sectoral approach. BeBeez had reported in this regard that on the market already rumors were circulating that spoke of particular attention to shipping. The same rumors circulating about Pillarstone Italy (see BeBeez Insight View dedicated to BeBeez Premium 12 months readers).
The first Idea CCR fund, which had a total budget of just over 260 million, started operations in June 2016 (see here a previous post by BeBeez), while Idea CCR II was launched at the beginning of 2018 with a budget about 320 million (see here a previous post by BeBeez). Both funds had so far been divided into two sectors: one that acquires loans from banks for the allocation of fund shares and the other that collects resources from institutional investors, to be allocated to target companies. The CCR II fund credit section has therefore now been split.
“CCR Shipping, in line with the philosophy of Idea CCR funds, wants to be the answer to a need shared by the shipowning sector,” commented Sara Bertolini, managing director and head of the new shipping division, adding: “We want to propose to owners who have heavily invested heavily in the boom years of the sector solutions and financial structures that are consistent with the current market, so as to make room for a new investment activity “.