Investment company Avenue Capital Group has announced the final close of the Avenue Europe Special Situations Fund V (Avenue Europe Fund), securing more than $1bn (€930m) in commitments.
The fund, combined with separately managed accounts, has drawn support from a diverse group of investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.
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Avenue Europe Fund’s strategy concentrates on providing senior secured, asset-backed loans to borrowers in Northern Europe who are often overlooked by traditional lenders.
As these conventional financial institutions have scaled back their lending activities in specific market segments, alternative lenders such as Avenue are looking to fill the gap.
The investment team at Avenue has been active in Europe since 2004, utilising its origination platforms and European presence to access a steady stream of lending opportunities.
These opportunities are typically found in less competitive market niches with high entry barriers.
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By GlobalDataSince its launch, Avenue has deployed more than $26bn in the region’s special situations and credit markets.
The firm’s Europe-based investment professionals, headquartered in London and operating from various regional offices, manage nearly $4bn in investments across multiple vehicles focusing on Europe.
The Avenue Europe Fund has already allocated over 50% of its committed capital and is on track to be fully committed within the next 12 months.
Avenue senior portfolio manager Padraig Moore said: “The support from our investors will allow us to continue to target a compelling opportunity in European asset-backed lending.
“We look forward to growing the Avenue Europe business as we see an incredible number of opportunities in our area of expertise in the market.”
Earlier this week, Iwoca, a fintech company specialising in small business lending, announced a £270m debt package aimed at bolstering its lending services in the UK and Germany.
