Italian asset manager Algebris said this week that it has raised €160 mln of equity commitments at the first closing of its third NPL fund.
The vehicle, which invests in bad loans secured against residential and hotel property assets, is expected to held a final close in December 2021 and is targeting total equity of between €500 and €750 mln.
Launched in February, the fund can leverage on the experience of Algos, the fully-owned special servicer recently set up by Algebris and which currently boasts a team of over 30 professionals across the country.
‘Over the past six years, banks have managed well the non-performing loans still present in their balance sheets, but they continue to remain below the derisking targets set by the European Authority. With the tightening of regulatory control following the pandemic and the expected increase in non-performing loans, banks now have all the tools and incentives to tackle the problem. Added to this is the consolidation of the Italian banking sector, which will act as a catalyst for the disposal of NPLs in the coming years,’ commented Davide Serra, founder and CEO of Algebris.
Algebris Algebris is a global asset management company founded in 2006 by Davide Serra. It approximately $16 bn of assets and has offices in London, Milan, Rome, Dublin, Luxembourg, Boston, Singapore and Tokyo.
