Private equity group AnaCap Financial Partners, who last month
acquired Ruffler Bank, is set to announce that it has raised €575
million for a new fund, according to press reports.
The Financial Times reported that AnaCap will use the
new €575 million fund to acquire more financial services businesses
in Europe.
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“The most profitable time for banking is between the middle of a
recession and the early point of recovery,” said Joe Giannamore,
managing principal of AnaCap. “After that, the margins are so
squeezed that all the money is lost in the next recession.”
Ruffler Bank, the 40-year-old property and asset finance lender,
was bought by AnaCap this May, and is set to receive a £80 million
(€92 million) injection from the private equity group.
AnaCap’s first fund, worth €300 million and launched in 2006,
funded a management buy-out at independent IT financier Syscap, in
a deal worth around £35 million.
The private equity group was founded by Giannamore in 2006 after
he stepped down as head of GMAC UK, the finance arm of General
Motors.
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By GlobalData
Click here for a detailed analysis of the private equity
market, as appearing in the June issue of Leasing
Life.
Jason T Hesse
