Spanish alternatives firm Incus Capital has raised around €560m (£480m) for its European Credit Fund V at its second close.
Incus Capital announced that it has reached 70 per cent of its €800m target in closed and committed capital, attracting investment from both existing and new investors across Europe, North America and Latin America.
The manager said the fifth fund has already deployed €400m of committed and invested capital across Europe, focusing on asset-backed financing for mid-market businesses across the continent.
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“In addition to offering a long-standing track record of investing in asset-backed credit, we are also experiencing an increased appreciation for our ‘hard asset’ and ‘mid-market’ focus from investors looking for diversification and uncorrelated strategies to complement their existing private credit portfolios,” said Martin Pommier, managing partner at Incus.
Incus Capital said the fund investments have included prime residential development projects, the hospitality sector, energy transition infrastructure and residential repositioning opportunities.
The firm added that Fund V also has a pipeline of projects across France, Spain, Portugal, Germany and Italy.
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“The continued retrenchment of traditional lenders, together with increasing refinancing needs across the European mid-market, has expanded the opportunity set for Incus,” added Alvaro Rivera, managing partner and head of deal origination at Incus.
Incus Capital invests across infrastructure, real estate and alternative assets, and manages €2bn in assets under management.
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