Captima, through its joint venture with a European Fund, continues to build a pipeline of real estate and asset-based financing transactions.

The Fund having largely committed its first private equity fund (closed in Oct 2014), has now closed a second fully discretionary fund at its hard cap. The Fund now sits on more than £600 million of dry-powder, to be deployed over the next 18 to 24 months.
The focus remains the same; small to mid-cap asset-backed opportunities throughout Europe where flexible capital can be provided, characterised in two ways:

• Opportunistic event-driven financing: Creating value for borrowers through highly tailored asset-secured loans, which enable capital restructuring and / or project execution.
• Transitional, programmatic facilities: Leveraging performing asset-related operating businesses, with flexible ‘on-call’ capital to drive portfolio expansion and EBITDA growth.

Investment strategy:

• Asset-backed investments including real estate-related, other ‘real assets’ and financial assets[/list]
• Primary focus on the United Kingdom, Ireland, France, Germany, Scandinavia, Austria, Benelux and Switzerland
• Secondary focus on Spain, Portugal, Central and Eastern Europe (excluding Russia)
• Small to mid-cap situations in regional, secondary / tertiary markets
• Investing across the capital structure; senior debt, second lien debt and selectively, joint venture equity
• Investments are structured as one-off investments (incl. bridge capital), repeat funding opportunities, financial platforms
• Typical investment size of £5 million to £50 million with an investment horizon of one to five years

Situations/Opportunities:

Transitional and bridge capital backed by various forms of collateral

• Capex, infrastructure, horizontal and vertical development

Restructuring and white knight financings

• Refinancing, repurchase of existing debt, recapitalization

Acquisition and growth capital

• Revolving facility and long term funding relationships; up to 100% loan-to-cost if security over existing assets

Sectors/Asset Classes:

Real estate-related and ‘operating’ real estate

• Healthcare (primary care, residential care, nurseries, veterinarian clinics)
• Soft infrastructure (petrol stations, social housing, self-storage, recreational facilities)
• Leisure (hotels, convention centres, sports facilities, pubs, restaurants)
• Traditional real estate
• Retail, residential, office, industrial, strategic land

Other real assets

• Energy (solar, wind, waste)
• Agricultural, transportation, equipment, inventory, natural resource deposits

Financial assets

Specialty lending, trade finance, receivables, claims