Anacap acquires €2bn of Italian NPLs from GE and RBS

Anacap Financial Partners (Anacap), a specialist European financial services private equity firm, has acquired two portfolios of Italian non-performing loans (NPLs) with a face value of more than €2 bn from GE Capital Real Estate and the Royal Bank of Scotland.

London-based Anacap completed the transactions on behalf of its Anacap Credit Opportunities III fund. The vendors were two Italian securitisation special purpose vehicles whose asset-backed securities were majority owned by GE Capital Real Estate and RBS.

The portfolios each have a gross book value of about €1 bn and comprise secured and unsecured SME loans, with the secured positions held against residential and other commercial property.

Anacap funds have now purchased around €8 bn of Italian NPLs over the past four years, as well as a €550 mln performing portfolio of Italian salary-guaranteed loans. In 2014 and 2015 Anacap acquired two NPL portfolios totalling €2.5 bn from UniCredit.

Justin Sulger, a partner at Anacap Financial Partners LLP, commented: 'Our earlier NPL investments means that we are very familiar with these types of residual claims and their varied servicing requirements.'

Sudget added that Anacap would continue to work with a growing range of financial institutions undergoing restructuring across Europe.'

Anacap was advised by Orrick. PwC Advisory, Clifford Chance and Chiomenti Studio Legale advised the vendors.